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Black Knight's First Look: Foreclosure Starts Hit Lowest Level on Record; Mortgage Delinquencies Edge Slightly Upward from January's Record Low

March 23, 2020
- Foreclosure starts fell 25% from January, and 20% from the year prior, hitting their lowest level on record since Black Knight began publicly reporting the metric in January 2000
- The national foreclosure rate also ticked lower in February, falling to 0.45%; the lowest it's been since 2005, and within one basis point of an all-time low
- Delinquencies were up slightly from January, but remain more than 15% below last year's levels
- 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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