• Despite June’s increase, first-time foreclosure starts in Q2 2016 were at their lowest level in over 16 yearsAccording to Black Knight's First Look report for June, the percent of loans delinquent increased 1.3% in June compared to May, and declined 10.0% year-over-year.
• Prepayment speeds (historically a good indicator of refinance activity) jumped to a 12-month high, mirroring an overall rise in refinance activity driven by historically low interest rates
• Early-stage delinquencies saw a seasonal increase in June, while 90-day delinquencies and foreclosure inventories continued to decline
The percent of loans in the foreclosure process declined 2.6% in June and were down 29.4% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.31% in June, up from 4.25% in May.
The percent of loans in the foreclosure process declined in June to 1.10%.
The number of delinquent properties, but not in foreclosure, is down 237,000 properties year-over-year, and the number of properties in the foreclosure process is down 231,000 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 2016 | May 2016 | June 2015 | June 2014 | |
Delinquent | 4.31% | 4.25% | 4.79% | 5.71% |
In Foreclosure | 1.10% | 1.13% | 1.56% | 2.00% |
Number of properties: | ||||
Number of properties that are delinquent, but not in foreclosure: | 2,178,000 | 2,153,000 | 2,415,000 | 2,876,000 |
Number of properties in foreclosure pre-sale inventory: | 558,000 | 574,000 | 789,000 | 1,006,000 |
Total Properties | 2,736,000 | 2,727,000 | 3,204,000 | 3,882,000 |
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