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Black Knight's First Look: Seasonal, Calendar and Hurricane-Related Pressures Result in Largest Single-Month Mortgage Delinquency Increase in Nearly a Decade

October 24, 2018
-- Mortgage delinquencies rose more than 13 percent in September, the largest single-month rise since November 2008
-- 16 of the last 19 Septembers have seen delinquencies increase, averaging a 5.2 percent rise over that time frame, the largest of any month during the calendar year
-- September 2018 also ended on a Sunday, which typically creates strong upward pressure on delinquencies
-- Hurricane Florence-related delinquencies spiked 38 percent month-over-month, with more than 6,000 borrowers already missing a payment as a direct result of the storm
-- Foreclosure starts posted a double-digit monthly decline, hitting a nearly 18-year low at just 40,000 for the month
-- Both the inventory of loans in active foreclosure and the foreclosure rate have now fallen below their pre-recession averages for the first time since the financial crisis
-- In the face of rising interest rates and affordability pressures, monthly prepayment activity -- now primarily driven by housing turnover -- fell by nearly 25 percent from August

JACKSONVILLE, Fla., Oct. 24, 2018 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at September 2018 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Black Knight, Inc. Logo (PRNewsfoto/Black Knight, Inc.)

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.97%
Month-over-month change: 13.22%
Year-over-year change: -9.77%

Total U.S. foreclosure pre-sale inventory rate: 0.52%
Month-over-month change: -4.45%
Year-over-year change: -26.00%

Total U.S. foreclosure starts: 40,000
Month-over-month change: -15.07%
Year-over-year change: -11.50%

Monthly prepayment rate (SMM): 0.70%
Month-over-month change: -24.46%
Year-over-year change: -26.65%

Foreclosure sales as % of 90+: 1.53%
Month-over-month change: -21.24%
Year-over-year change: -12.82%

Number of properties that are 30 or more days past due, but not in foreclosure: 2,049,000
Month-over-month change: 240,000
Year-over-year change: -196,000

Number of properties that are 90 or more days past due, but not in foreclosure: 513,000
Month-over-month change: 7,000
Year-over-year change: -63,000

Number of properties in foreclosure pre-sale inventory: 268,000
Month-over-month change: -13,000
Year-over-year change: -90,000

Number of properties that are 30 or more days past due or in foreclosure: 2,317,000
Month-over-month change: 228,000
Year-over-year change: -286,000

 

Top 5 States by Non-Current* Percentage

Mississippi:         

10.33%

Louisiana:         

8.19%

Alabama:          

7.14%

West Virginia:       

6.80%

Arkansas:              

6.32%

 

Bottom 5 States by Non-Current* Percentage

North Dakota:       

2.53%

Idaho:                 

2.47%

Washington:        

2.45%

Oregon:               

2.24%

Colorado:             

2.01%

 

Top 5 States by 90+ Days Delinquent Percentage 

Mississippi:           

2.94%

Louisiana:       

2.06%

Alabama:        

1.89%

Arkansas:               

1.77%

Rhode Island:        

1.38%

 

Top 5 States by 6-Month Improvement in Non-Current* Percentage

Florida:                

-29.62%

Texas:                

-5.08%

New Jersey:       

-1.53%

District of Columbia: 

-0.52%

Nevada:         

0.58%

 

Top 5 States by 6-Month Deterioration in Non-Current* Percentage

Nebraska:      

32.64%

Minnesota:         

22.59%

Iowa:              

20.55%

North Carolina:           

19.37%

South Dakota:      

17.22%

*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 Nov. 5, 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                                                       

 

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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