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Tuesday, January 28, 2014

Black Knight: Mortgage Delinquency Rate increased in December, Down almost 10% year-over-year

by Calculated Risk on 1/28/2014 07:01:00 AM

According to the Black Knight (formerly LPS) First Look report for December, the percent of loans delinquent increased seasonally in December compared to November, and declined about 9.9% year-over-year.

Also the percent of loans in the foreclosure process declined further in December and were down 28% over the last year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) increased to 6.47% from 6.45% in November. The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined to 2.48% in December from 2.50% in November.   The is the lowest level since late 2008.

The number of delinquent properties, but not in foreclosure, is down 332,000 properties year-over-year, and the number of properties in the foreclosure process is down 472,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for December in early February.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
 December 2013November 2013December 2012
Delinquent6.47%6.45%7.17%
In Foreclosure2.48%2.50%3.44%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,964,0001,958,0002,031,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,280,0001,283,0001,545,000
Number of properties in foreclosure pre-sale inventory:1,244,0001,256,0001,716,000
Total Properties4,488,0004,497,0005,292,000