by Calculated Risk on 10/24/2018 08:31:00 AM
Wednesday, October 24, 2018
• Mortgage delinquencies rose more than 13 percent in September, the largest single-month rise since November 2008According to Black Knight's First Look report for September, the percent of loans delinquent increased 13.2% in September compared to August, but decreased 9.8% year-over-year.
• 16 of the last 19 Septembers have seen delinquencies increase, averaging a 5.2 percent rise over that time frame, the largest of any month during the calendar year
• September 2018 also ended on a Sunday, which typically creates strong upward pressure on delinquencies
• Hurricane Florence-related delinquencies spiked 38 percent month-over-month, with more than 6,000 borrowers already missing a payment as a direct result of the storm
• Foreclosure starts posted a double-digit monthly decline, hitting a nearly 18-year low at just 40,000 for the month
• Both the inventory of loans in active foreclosure and the foreclosure rate have now fallen below their pre-recession averages for the first time since the financial crisis
The percent of loans in the foreclosure process decreased 4.5% in September and were down 26.0% 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 3.97% in September, up from 3.52% in August.
The percent of loans in the foreclosure process decreased in September to 0.52% from 0.54% in August.
The number of delinquent properties, but not in foreclosure, is down 196,000 properties year-over-year, and the number of properties in the foreclosure process is down 90,000 properties year-over-year.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||2,049,000||1,818,000||2,245,000||2,165,000|
|Number of properties in foreclosure pre-sale inventory:||268,000||280,000||358,000||509,000|
Posted by Calculated Risk on 10/24/2018 08:31:00 AM