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Black Knight’s First Look: Mortgage Delinquencies Buck Upward Seasonal Trend in April, Fall to Second Lowest Point in 12 Years

May 23, 2018
  • Historically, mortgage delinquencies have risen 85 percent of the time in April; this month they declined 1.6 percent – about equal to the size of their average usual increase
  • April’s decline halted a seven-month trend of annual increases in the national delinquency rate
  • Areas impacted by Hurricanes Harvey and Irma led April’s delinquency improvement, but slight declines were seen in non-affected areas as well
  • Over 90,000 seriously delinquent mortgages (90 or more days past due) attributed to the 2017 hurricane season remain in affected areas of Texas, Florida and Georgia
  • Foreclosure starts declined 5.4 percent overall and 30 percent from March in hurricane-affected areas
  • The number of mortgages in active foreclosure hit its lowest point since August 2006
  • Prepayment activity fell 4.3 percent in April from last month and was down slightly from last year’s level

JACKSONVILLE, Fla. , May 23, 2018 (GLOBE NEWSWIRE) -- Black Knight, Inc. (NYSE:BKI) reports the following “first look” at April 2018 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):​ 3.67%
Month-over-month change: -1.60%
Year-over-year change: -10.17%

Total U.S. foreclosure pre-sale inventory rate: 0.61%
Month-over-month change: -2.26%
Year-over-year change: -28.41%

Total U.S. foreclosure starts: 49,300
Month-over-month change: -5.37%
Year-over-year change: -6.63%

Monthly prepayment rate (SMM): 0.84%
Month-over-month change: -4.29%
Year-over-year change: -2.64%

Foreclosure sales as % of 90+: 1.61%
Month-over-month change: -5.11%
Year-over-year change: -17.93%

Number of properties that are 30 or more days past due, but not in foreclosure: ​1,885,000
Month-over-month change: -27,000
Year-over-year change: -187,000

Number of properties that are 90 or more days past due, but not in foreclosure: ​598,000
Month-over-month change: -34,000
Year-over-year change: 17,000

Number of properties in foreclosure pre-sale inventory: ​314,000
Month-over-month change: -7,000
Year-over-year change: -119,000

Number of properties that are 30 or more days past due or in foreclosure: 2,199,000
Month-over-month change: -33,000
Year-over-year change: -307,000

Top 5 States by Non-Current* Percentage 
Mississippi:   9.34%
Louisiana:   7.52%
Florida:   6.62%
Alabama:   6.60%
West Virginia:   6.11%
     
Bottom 5 States by Non-Current* Percentage 
Minnesota:   2.25%
Washington:   2.23%
North Dakota:   2.23%
Oregon:   2.20%
Colorado:   1.81%
     
Top 5 States by 90+ Days Delinquent Percentage 
Florida:   2.95%
Mississippi:   2.93%
Louisiana:   2.16%
Alabama:   1.91%
Texas:   1.83%
     
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Florida:   -33.18%
Texas:   -26.11%
Louisiana:   -18.29%
South Dakota:   -16.19%
District of Columbia:   -15.86%
     
Top 5 States by 6-Month Deterioration in Non-Current* Percentage 
Alaska:   7.20%
North Dakota:   -4.11%
Montana:   -6.93%
New Hampshire:   -7.55%
Maine:   -7.93%

*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 June 4, 2018.

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.

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
Black Knight, Inc.
904.854.5043
michelle.kersch@bkfs.com
Mitch Cohen
Black Knight, Inc.
704.890.8158
mitch.cohen@bkfs.com

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Source: Black Knight, Inc.

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