Black Knight's First Look: Foreclosure Starts Hit Lowest Level on Record; Mortgage Delinquencies Edge Slightly Upward from January's Record Low
Tuesday, March 31, 2020
- Prepayment activity rose by nearly 8% month-over-month as early 2020 rate declines have begun to impact refinance activity
JACKSONVILLE, Fla., March 23, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at February 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): 3.28% Month-over-month change: 1.95% Year-over-year change: -15.60%
Total U.S. foreclosure pre-sale inventory rate: 0.45% Month-over-month change: -2.54% Year-over-year change: -11.23%
Total U.S. foreclosure starts: 32,300 Month-over-month change: -24.53% Year-over-year change: -20.05%
Monthly prepayment rate (SMM): 1.35% Month-over-month change: 7.78% Year-over-year change: 106.59%
Foreclosure sales as % of 90+: 1.46% Month-over-month change: -19.27% Year-over-year change: -1.76%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,737,000 Month-over-month change: 32,000 Year-over-year change: -282,000
Number of properties that are 90 or more days past due, but not in foreclosure: 409,000 Month-over-month change: -10,000 Year-over-year change: -93,000
Number of properties in foreclosure pre-sale inventory: 239,000 Month-over-month change: -7,000 Year-over-year change: -25,000
Number of properties that are 30 or more days past due or in foreclosure: 1,976,000 Month-over-month change: 25,000 Year-over-year change: -308,000
Top 5 States by Non-Current* Percentage
Mississippi: 9.72%
Louisiana: 7.20%
Alabama: 6.31%
West Virginia: 6.17%
Arkansas: 5.76%
Bottom 5 States by Non-Current* Percentage
California: 1.98%
Oregon: 1.88%
Idaho: 1.87%
Colorado: 1.72%
Washington: 1.70%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 2.90%
Alabama: 1.68%
Louisiana: 1.68%
Arkansas: 1.53%
West Virginia: 1.17%
Top 5 States by 6-Month Improvement in Non-Current*
Percentage
Montana: -15.29%
Maine: -14.22%
Washington: -11.03%
Tennessee: -9.81%
Wisconsin: -9.32%
Top 5 States by 6-Month Deterioration in Non-
Current* Percentage
North Dakota: 2.73%
Minnesota: 2.15%
Oregon: 1.26%
Alaska: 0.75%
Arizona: 0.32%
*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 April 6, 2020.
For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
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
michelle.kersch@bkfs.com mitch.cohen@bkfs.com
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SOURCE Black Knight, Inc.
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