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Thursday, September 25, 2014

Black Knight: Mortgage Delinquencies increased in August

by Calculated Risk on 9/25/2014 07:01:00 AM

According to Black Knight's First Look report for August, the percent of loans delinquent increased in August compared to July - mostly due to an increase in short term delinquencies - and declined by 5% year-over-year.

Note: Usually delinquencies increase seasonally in September, but this might have moved to August this year. The increase was mostly in the 30 day bucket.

Also the percent of loans in the foreclosure process declined further in August and were down 32% over the last year.  Foreclosure inventory was at the lowest level since March 2008.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 5.90% in August, up from 5.64% in July. The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined to 1.80% in August from 1.85% in July.  

The number of delinquent properties, but not in foreclosure, is down 129,000 properties year-over-year, and the number of properties in the foreclosure process is down 428,000 properties year-over-year.

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

Black Knight: Percent Loans Delinquent and in Foreclosure Process
In Foreclosure1.80%1.85%2.66%4.12%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,852,0001,713,0001,836,0001,910,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,143,0001,136,0001,288,0001,520,000
Number of properties in foreclosure pre-sale inventory:913,000935,0001,341,0002,020,000
Total Properties3,908,0003,786,0004,465,0005,450,000