Black Knight's First Look: January's Prepayment Rate Lowest in More Than 18 Years as Seasonal Home Sale Reductions Outweigh Rise in Refinance Incentive
- Despite recent declines in interest rates, January's prepayment rate was the lowest since November 2000
- Seasonal reductions in home sales outweighed any early, rate-driven rise in refinance incentive
- Housing turnover typically bottoms out in January and February, so prepayments could pick up again if rates remain low through the early spring home buying season
- The national delinquency rate fell by 3.5 percent and is now nearly 13 percent below last year's level
- Foreclosure starts rose seasonally month-over-month but were down more than 19 percent year-over-year
- The number of loans in active foreclosure continued its downward trend; there are now 265,000 active foreclosures, down 72,000 from one year ago
JACKSONVILLE, Fla., Feb. 25, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at January 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): 3.75%
Month-over-month change: -3.45%
Year-over-year change: -12.93%
Total U.S. foreclosure pre-sale inventory rate: 0.51%
Month-over-month change: -2.20%
Year-over-year change: -22.43%
Total U.S. foreclosure starts: 50,200
Month-over-month change: 8.42%
Year-over-year change: -19.42%
Monthly prepayment rate (SMM): 0.59%
Month-over-month change: -10.15%
Year-over-year change: -25.20%
Foreclosure sales as % of 90+: 1.93%
Month-over-month change: 40.39%
Year-over-year change: 10.83%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,945,000
Month-over-month change: -68,000
Year-over-year change: -257,000
Number of properties that are 90 or more days past due, but not in foreclosure: 504,000
Month-over-month change: -7,000
Year-over-year change: -203,000
Number of properties in foreclosure pre-sale inventory: 265,000
Month-over-month change: -6,000
Year-over-year change: -72,000
Number of properties that are 30 or more days past due or in foreclosure: 2,210,000
Month-over-month change: -73,000
Year-over-year change: -329,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
10.10% |
Louisiana: |
7.96% |
Alabama: |
6.75% |
West Virginia: |
6.42% |
Arkansas: |
6.04% |
Bottom 5 States by Non-Current* Percentage |
|
Utah: |
2.45% |
Idaho: |
2.20% |
Washington: |
2.15% |
Oregon: |
2.03% |
Colorado: |
1.82% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
3.00% |
Louisiana: |
2.09% |
Alabama: |
1.92% |
Arkansas: |
1.80% |
Delaware: |
1.41% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Florida: |
-10.60% |
Utah: |
-8.16% |
Washington: |
-6.96% |
Tennessee: |
-5.48% |
Oregon: |
-4.57% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
District of Columbia: |
28.48% |
Nebraska: |
20.90% |
Illinois: |
18.92% |
South Dakota: |
13.95% |
Iowa: |
10.14% |
*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 March 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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