Black Knight's First Look: Foreclosure Starts Hit 18-year Low in August; Mortgage Prepayments Continue to Rise in Lower Interest Rate Environment
- August's 36,200 foreclosure starts made for the lowest single-month total since December 2000
- The number of loans in active foreclosure inventory also fell; at 253,000, it's the fewest since 2005
- Prepayment activity -- typically a good indicator of refinance activity -- continues to press upward, increasing 5% from July to reach a three-year high
- August's prepayment rate was up 62% from the same time last year and 2.5 times the 18-year low hit in January
- Given a 30-45 day closing window, the month's prepayment activity reflects June/July interest rates; as rates fell further in August and September, the peak in refinance-driven prepayments is likely still to come
JACKSONVILLE, Fla., Sept. 23, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at August 2019 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): 3.45%
Month-over-month change: -0.15%
Year-over-year change: -1.49%
Total U.S. foreclosure pre-sale inventory rate: 0.48%
Month-over-month change: -2.42%
Year-over-year change: -11.46%
Total U.S. foreclosure starts: 36,200
Month-over-month change: -7.65%
Year-over-year change: -23.14%
Monthly prepayment rate (SMM): 1.50%
Month-over-month change: 5.45%
Year-over-year change: 61.77%
Foreclosure sales as % of 90+: 1.81%
Month-over-month change: 3.20%
Year-over-year change: -6.80%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,813,000
Month-over-month change: 6,000
Year-over-year change: 4,000
Number of properties that are 90 or more days past due, but not in foreclosure: 444,000
Month-over-month change: 0
Year-over-year change: -62,000
Number of properties in foreclosure pre-sale inventory: 253,000
Month-over-month change: -5,000
Year-over-year change: -28,000
Number of properties that are 30 or more days past due or in foreclosure: 2,066,000
Month-over-month change: 1,000
Year-over-year change: -23,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.31% |
Louisiana: |
7.71% |
Alabama: |
6.67% |
West Virginia: |
6.33% |
Arkansas: |
6.08% |
Bottom 5 States by Non-Current* Percentage |
|
California: |
2.02% |
Idaho: |
2.00% |
Washington: |
1.92% |
Oregon: |
1.85% |
Colorado: |
1.75% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
3.12% |
Alabama: |
1.89% |
Louisiana: |
1.86% |
Arkansas: |
1.73% |
Tennessee: |
1.26% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
California: |
-22.22% |
District of Columbia: |
-20.73% |
Hawaii: |
-18.51% |
Oregon: |
-17.05% |
Washington: |
-16.63% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Nebraska: |
2.13% |
Mississippi: |
1.50% |
Iowa: |
0.29% |
West Virginia: |
-1.39% |
Arkansas: |
-1.82% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1) Totals are extrapolated based on Black Knight's loan-level database of mortgage assets.
2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom.
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 https://www.blackknightinc.com/data-reports/ by Oct. 7, 2019.
For more information about gaining access to Black Knight's loan-level database, please send an email to [email protected].
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
For more information: |
|
Michelle Kersch |
Mitch Cohen |
Black Knight, Inc. |
Black Knight, Inc. |
904.854.5043 |
704.890.8158 |
SOURCE Black Knight, Inc.
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