by Calculated Risk on 11/27/2018 11:18:00 AM
Tuesday, November 27, 2018
• After rising sharply in September, mortgage delinquencies fell by 8.2 percent in October and are now down by nearly 18 percent from the same time last yearAccording to Black Knight's First Look report for October, the percent of loans delinquent decreased 8.2% in October compared to September, and decreased 17.9% year-over-year.
• Serious delinquencies – loans 90 or more days past due – fell by 14,000 from last month and 90,000 from last October to hit a more than 12-year low
• Improvements in hurricane-related delinquencies associated with Harvey and Irma – which spiked in late 2017 – are contributing to the strong year-over-year improvements
• Despite foreclosure starts seeing a monthly increase from September’s nearly 18-year low, the number of loans in active foreclosure fell slightly from September and has decreased by 24 percent from last year
• Prepayment activity – now driven primarily by housing turnover – climbed 14 percent, but remains 29 percent below last year’s level
The percent of loans in the foreclosure process decreased 0.5% in October and were down 24.2% 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 3.64% in October, down from 3.97% in September.
The percent of loans in the foreclosure process decreased slightly in October to 0.52% from 0.52% in September.
The number of delinquent properties, but not in foreclosure, is down 378,000 properties year-over-year, and the number of properties in the foreclosure process is down 81,000 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:||1,884,000||2,049,000||2,262,000||2,202,000|
|Number of properties in foreclosure pre-sale inventory:||267,000||268,000||348,000||504,000|
Posted by Calculated Risk on 11/27/2018 11:18:00 AM