RSS Feed by Calculated Risk on 2/20/2020 10:15:00 AM
Thursday, February 20, 2020
Black Knight's First Look: National Mortgage Delinquency Rate Decreased in January, Lowest Level on Record
From Black Knight: Black Knight’s First Look: Mortgage Delinquencies Fall to Lowest Level on Record; January Sees Strongest Decline in More Than a Year
• Mortgage delinquencies fell by more than 5% in January, hitting their lowest level on record dating back to 2000According to Black Knight's First Look report for January, the percent of loans delinquent decreased in January compared to December, and decreased 14.2% year-over-year.
• January’s 14% year-over-year decline is the strongest in more than 12 months, with the rate of improvement picking up noticeably in recent months
• There are now fewer than 2 million homeowners past due on their mortgages or in active foreclosure, the fewest since March 2005
• Despite the decline in delinquencies, foreclosure starts edged upward in January, but remain nearly 15% below last year’s levels
• The number of loans in active foreclosure remained relatively flat for the month (+1,000 properties in foreclosure), and down 19,000 from the same time last year, leaving the national foreclosure rate unchanged
• Though falling by 15% in January, prepayment activity remains 113% above last year’s levels
The percent of loans in the foreclosure process increased slightly in January, and were down 9.2% 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 3.22% in December, down from 3.40% in December.
The percent of loans in the foreclosure process was unchanged at 0.46% from 0.46% in December.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Jan 2020 | Dec 2019 | Jan 2019 | Jan 2018 | |
| Delinquent | 3.22% | 3.40% | 3.75% | 4.31% |
| In Foreclosure | 0.46% | 0.46% | 0.51% | 0.66% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: | 1,705,000 | 1,803,000 | 1,945,000 | 2,202,000 |
| Number of properties in foreclosure pre-sale inventory: | 246,000 | 245,000 | 265,000 | 337,000 |
| Total Properties Delinquent or in foreclosure | 1,951,000 | 2,047,000 | 2,210,000 | 2,539,000 |
