Monday, March 23, 2020

Black Knight's First Look: National Mortgage Delinquency Rate Increased slightly in February

by Calculated Risk on 3/23/2020 11:05:00 AM

From Black Knight: Black Knight’s First Look: Foreclosure Starts Hit Lowest Level on Record; Mortgage Delinquencies Edge Slightly Upward from January’s Record Low

• Foreclosure starts fell 25% from January 2020, and 20% from the year prior, hitting their lowest level on record since Black Knight began publicly reporting the metric in January 2000

• The national foreclosure rate also ticked lower in February, falling to 0.45%; the lowest it’s been since 2005, and within one basis point of an all-time low

• Delinquencies were up slightly from January, but remain more than 15% below last year’s levels

• Prepayment activity rose by nearly 8% month-over-month as early 2020 rate declines have begun to impact refinance activity
According to Black Knight's First Look report for February, the percent of loans delinquent increased 2.0% in February compared to January, and decreased 15.6% year-over-year.

The percent of loans in the foreclosure process decreased 2.5% in February, and were down 11.2% 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 3.28% in February, up from 3.22% in January.

The percent of loans in the foreclosure process was decreased to 0.456% from 0.46% in January.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Feb
2020
Jan
2020
Feb
2019
Feb
2018
Delinquent3.28%3.22%3.89%4.30%
In Foreclosure0.45%0.46%0.51%0.65%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:1,737,0001,705,0002,019,0002,198,000
Number of properties in foreclosure pre-sale inventory:239,000246,000264,000331,000
Total Properties Delinquent or in foreclosure1,976,0001,951,0002,284,0002,528,000