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Black Knight's First Look: Seasonal Decline Pushes Foreclosure Starts to Lowest Level on Record; Foreclosure Rate Hits 14-Year Low

December 30, 2019
-- November's 33,500 foreclosure starts marked a 26% year-over-year decline, and the lowest monthly volume since Black Knight began recording the metric in 2000
-- The national foreclosure rate also fell by 3% from October to hit its lowest level since 2005
-- Delinquencies rose seasonally in November, but remain nearly 5% below last year's level
-- Prepayment activity fell 19% from October's six-year high due to both seasonal declines in home-sale-related prepays as well as higher interest rates impacting refinance incentive
-- Despite the pullback, prepayment activity remains 123% above this point last year

JACKSONVILLE, Fla., Dec. 30, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at November 2019 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): 3.53%
Month-over-month change: 4.18%
Year-over-year change: -4.72%

Total U.S. foreclosure pre-sale inventory rate: 0.47%
Month-over-month change: -3.31%
Year-over-year change: -9.11%

Total U.S. foreclosure starts: 33,500
Month-over-month change: -23.69%
Year-over-year change: -25.88%

Monthly prepayment rate (SMM): 1.46%
Month-over-month change: -19.06%
Year-over-year change: 122.88%

Foreclosure sales as % of 90+: 1.55%
Month-over-month change: -11.42%
Year-over-year change: -12.59%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,868,000
Month-over-month change: 82,000
Year-over-year change: -57,000

Number of properties that are 90 or more days past due, but not in foreclosure: 439,000
Month-over-month change: 6,000
Year-over-year change: -71,000

Number of properties in foreclosure pre-sale inventory: 248,000
Month-over-month change: -7,000
Year-over-year change: -20,000

Number of properties that are 30 or more days past due or in foreclosure: 2,116,000
Month-over-month change: 75,000
Year-over-year change: -77,000

Top 5 States by Non-Current* Percentage
Mississippi:                 10.44%
Louisiana:                    7.84%
Alabama:                     6.83%
West Virginia:              6.68%
Arkansas:                    6.23%                                     

Bottom 5 States by Non-Current* Percentage 
California:                   2.09%
Idaho:                         1.98%
Oregon:                      1.90%
Washington:               1.86%
Colorado:                   1.81%

Top 5 States by 90+ Days Delinquent Percentage 
Mississippi:                  3.01%
Louisiana:                    1.87% 
Alabama:                     1.82%
Arkansas:                    1.66%
West Virginia:              1.22%                                                                         

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Alaska:                        -12.51%
District of Columbia:    -6.55%
Maine:                         -5.88%
Hawaii:                        -5.88% 
Washington:                -5.82                                                                                       

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
West Virginia:              12.36%
Arizona:                       11.05%
Oklahoma:                   10.51%
Arkansas:                     10.50%
Iowa:                              9.97%                                                             

*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. 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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