Wednesday, July 23, 2014

Black Knight: Mortgage Loans in Foreclosure Process Lowest since May 2008

by Calculated Risk on 7/23/2014 09:16:00 AM

According to Black Knight's First Look report for June, the percent of loans delinquent increased slightly in June compared to May, and declined by 15.0% year-over-year.

Also the percent of loans in the foreclosure process declined further in June and were down 36% over the last year.  Foreclosure inventory was at the lowest level since May 2008.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.70% in June, up seasonally from 5.62% in May. The normal rate for delinquencies is around 4.5% to 5%. The increase in delinquencies was in the 'less than 90 days' bucket.

The percent of loans in the foreclosure process declined to 1.88% in June from 1.91% in May.  

The number of delinquent properties, but not in foreclosure, is down 445,000 properties year-over-year, and the number of properties in the foreclosure process is down 507,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for June in early August.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  June 2014May
2014
June 2013
Delinquent5.70%5.62%6.68%
In Foreclosure1.88%1.91%2.93%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,728,0001,670,0001,983,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,155,0001,169,0001,345,000
Number of properties in foreclosure pre-sale inventory:951,000966,0001,458,000
Total Properties3,834,0003,805,0004,785,000