Black Knight's First Look at September Mortgage Data: Post-'Brexit' Prepay Activity Remains Strong; Foreclosure Rate Falls to Nine-Year Low
- Despite declining from August, September saw the third highest prepayment rate in three years
- September's less-than-one-percent seasonal increase in the delinquency rate was relatively mild by historical standards
- At one percent, the rate of all mortgages that are in active foreclosure fell to its lowest point in nine years
- Non-current mortgage rates continue to struggle in oil states, with Alaska and Wyoming seeing the largest increases over the past six months
JACKSONVILLE, Fla., Oct. 25, 2016 /PRNewswire/ -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) reports the following "first look" at September 2016 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.27%
Month-over-month change: 0.74%
Year-over-year change: -12.24%
Total U.S. foreclosure pre-sale inventory rate: 1.00%
Month-over-month change: -3.38%
Year-over-year change: -31.23%
Total U.S. foreclosure starts: 61,700
Month-over-month change: -10.32%
Year-over-year change: -22.78%
Monthly Prepayment Rate (SMM): 1.54%
Month-over-month change: -7.59%
Year-over-year change: 43.22%
Foreclosure Sales as % of 90+: 2.03%
Month-over-month change: -5.82%
Year-over-year change: 2.47%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,165,000
Month-over-month change: 14,000
Year-over-year change: -292,000
Number of properties that are 90 or more days past due, but not in foreclosure: 668,000
Month-over-month change: -1,000
Year-over-year change: -149,000
Number of properties in foreclosure pre-sale inventory: 509,000
Month-over-month change: -18,000
Year-over-year change: -228,000
Number of properties that are 30 or more days past due or in foreclosure: 2,674,000
Month-over-month change: -4,000
Year-over-year change: -520,000
| Top 5 States by Non-Current* Percentage |
|
| Mississippi: |
11.16% |
| Louisiana: |
10.32% |
| New Jersey: |
8.13% |
| Alabama: |
7.85% |
| West Virginia: |
7.72% |
| Bottom 5 States by Non-Current* Percentage |
|
| South Dakota: |
2.95% |
| Montana: |
2.88% |
| Minnesota: |
2.75% |
| Colorado: |
2.44% |
| North Dakota: |
2.23% |
| Top 5 States by 90+ Days Delinquent Percentage |
|
| Mississippi: |
3.43% |
| Louisiana: |
2.80% |
| Alabama: |
2.33% |
| Arkansas: |
2.01% |
| Tennessee: |
1.94% |
| Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
| Hawaii: |
-12.72% |
| Nevada: |
-11.64% |
| Oregon: |
-11.47% |
| New Jersey: |
-10.46% |
| Washington: |
-9.32% |
| Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
| Alaska: |
20.37% |
| Wyoming: |
18.91% |
| Louisiana: |
16.10% |
| North Dakota: |
10.67% |
| Michigan: |
8.49% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
- Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets.
- All whole numbers are rounded to the nearest thousand.
For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom at http://www.blackknightcompanies.com/CorporateInformation/NewsRoom/Pages/20161025.aspx
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by November 7, 2016.
For more information about gaining access to Black Knight's loan-level database, please send an email to [email protected].
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
| For more information: |
|
| Michelle Kersch |
Mitch Cohen |
| 904.854.5043 |
646.546.5103 |
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SOURCE Black Knight Financial Services, Inc.
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