Monday, March 24, 2014

Black Knight on Mortgages: "Nearly 1 million fewer loans in U.S. non-current population since last February"

by Calculated Risk on 3/24/2014 09:45:00 AM

According to Black Knight (formerly LPS) First Look report for February, the percent of loans delinquent decreased in February compared to January, and declined by more than 12% year-over-year.

Also the percent of loans in the foreclosure process declined further in January and were down 34% over the last year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) decreased to 5.97% from 6.27% in January. The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined to 2.22% in February from 2.48% in January.  

The number of delinquent properties, but not in foreclosure, is down 419,000 properties year-over-year, and the number of properties in the foreclosure process is down 579,000 properties year-over-year.

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

Black Knight: Percent Loans Delinquent and in Foreclosure Process
February 2014January
2014
February 2013
Delinquent5.97%6.27%6.80%
In Foreclosure2.22%2.35%3.38%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,749,0001,851,0001,927,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,242,0001,289,0001,483,000
Number of properties in foreclosure pre-sale inventory:1,115,0001,175,0001,694,000
Total Properties4,106,0004,315,0005,104,000