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, to their lowest recorded level since 2000
- 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
JACKSONVILLE, Fla., Feb. 20, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at January 2020 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): 3.22%
Month-over-month change: -5.37%
Year-over-year change: -14.17%
Total U.S. foreclosure pre-sale inventory rate: 0.46%
Month-over-month change: 0.41%
Year-over-year change: -9.24%
Total U.S. foreclosure starts: 42,800
Month-over-month change: 8.35%
Year-over-year change: -14.74%
Monthly prepayment rate (SMM): 1.26%
Month-over-month change: -15.33%
Year-over-year change: 112.97%
Foreclosure sales as % of 90+: 1.80%
Month-over-month change: 21.57%
Year-over-year change: -6.73%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,705,000
Month-over-month change: -98,000
Year-over-year change: -240,000
Number of properties that are 90 or more days past due, but not in foreclosure: 419,000
Month-over-month change: -8,000
Year-over-year change: -85,000
Number of properties in foreclosure pre-sale inventory: 246,000
Month-over-month change: 1,000
Year-over-year change: -19,000
Number of properties that are 30 or more days past due or in foreclosure: 1,951,000
Month-over-month change: -96,000
Year-over-year change: -259,000
Top 5 States by Non-Current* Percentage |
|
Mississippi: |
9.84% |
Louisiana: |
7.20% |
Alabama: |
6.26% |
West Virginia: |
6.10% |
Arkansas: |
5.79% |
Bottom 5 States by Non-Current* Percentage |
|
California: |
1.90% |
Idaho: |
1.79% |
Oregon: |
1.77% |
Washington: |
1.67% |
Colorado: |
1.63% |
Top 5 States by 90+ Days Delinquent Percentage |
|
Mississippi: |
3.00% |
Louisiana: |
1.74% |
Alabama: |
1.73% |
Arkansas: |
1.61% |
Indiana: |
1.20% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage |
|
Montana: |
-16.38% |
Washington: |
-15.42% |
Idaho: |
-14.58% |
Maine: |
-14.54% |
Wyoming: |
-13.42% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage |
|
Minnesota: |
2.69% |
Illinois: |
-0.67% |
Nebraska: |
-0.99% |
Iowa: |
-1.62% |
Oklahoma: |
-1.87% |
*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 2, 2020.
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.
Michelle Kersch |
Mitch Cohen |
Black Knight, Inc. |
Black Knight, Inc. |
904.854.5043 |
704.890.8158 |
SOURCE Black Knight, Inc.
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