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Black Knight’s First Look at November 2017 Mortgage Data: Continued Hurricane-Driven Effects Lead to Largest 90-Day Delinquency Increase in Nine Years

December 21, 2017
  • 90-day delinquent mortgage inventory spiked 13 percent in November, the largest monthly increase since 2008 as the financial crisis began to unfold
  • While 90-day delinquency increases are common in November, the volumes seen this year are noteworthy
  • Over 85 percent -- approximately 66,000 -- of the month’s 77,000 new severely delinquent loans can be attributed to hurricanes Harvey and Katrina
  • As a result, the current estimate of 90-day delinquencies resulting from Harvey and Irma totals over 85,000
  • Inflow of new hurricane-driven delinquencies has slowed, with Irma-related delinquencies up 8,200 month-over-month, while Harvey-related delinquencies declined by 8,400
  • The 2.5 percent increase in the overall national delinquency rate is attributable to typical seasonality; November increases have been observed in nine of the past 10 years and 16 of the past 18

JACKSONVILLE, Fla., Dec. 21, 2017 (GLOBE NEWSWIRE) -- Black Knight, Inc. (NYSE:BKI)reports the following “first look” at November 2017 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):​ 4.55%
Month-over-month change: 2.54%
Year-over-year change: 2.04%

Total U.S. foreclosure pre-sale inventory rate: 0. 66%
Month-over-month change: -3.15%
Year-over-year change: -32.67%

Total U.S. foreclosure starts: 47,800
Month-over-month change: -4.78%
Year-over-year change: -20.86%

Monthly Prepayment Rate (SMM): 0.98%
Month-over-month change: -12.41%
Year-over-year change: -31.47%

Foreclosure Sales as % of 90+: 1.59%
Month-over-month change: -5.79%
Year-over-year change: -12.34%

Number of properties that are 30 or more days past due, but not in foreclosure: ​ 2,324,000
Month-over-month change: 62,000
Year-over-year change: 61,000

Number of properties that are 90 or more days past due, but not in foreclosure: ​ 666,000
Month-over-month change: 77,000
Year-over-year change: -16,000

Number of properties in foreclosure pre-sale inventory: ​ 337,000
Month-over-month change: -11,000
Year-over-year change: -161,000

Number of properties that are 30 or more days past due or in foreclosure: 2,661,000
Month-over-month change: 51,000
Year-over-year change: -100,000

Top 5 States by Non-Current* Percentage
Florida: 10.12%
Louisiana: 9.36%
Alabama: 7.47%
West Virginia: 7.19%   
Bottom 5 States by Non-Current* Percentage 
Montana: 2.64%
Minnesota: 2.64%
North Dakota:2.34%
Colorado: 2.15%
Top 5 States by 90+ Days Delinquent Percentage 
Louisiana: 2.68%
Texas: 2.23%
Alabama: 2.10%       
Top 5 States by 6-Month Improvement in Non-Current* Percentage
New Jersey:-5.44%
Washington: -4.52%
Maine: -2.77%
District of Columbia:-2.37%   
Top 5 States by 6-Month Deterioration in Non-Current* Percentage 
Florida: 94.27%
Texas: 33.40%
Georgia: 9.79%
Arizona: 9.48%
Michigan: 8.83%     

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
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 at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20171121.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 Jan. 8, 2017.

For more information about gaining access to Black Knight’s loan-level database, please send an email to dataanalyticsinfo@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.

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     

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Source: Black Knight, Inc.
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