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Black Knight's First Look: Mortgage Delinquencies Fall to Lowest Level on Record, January Sees Strongest Decline in More Than a Year

February 20, 2020
- Mortgage delinquencies fell by more than 5% in January, to their lowest recorded level since 2000
- January's 14% year-over-year decline is the strongest in more than 12 months, with the rate of improvement picking up noticeably in recent months
- There are now fewer than 2 million homeowners past due on their mortgages or in active foreclosure, the fewest since March 2005
- Despite the decline in delinquencies, foreclosure starts edged upward in January, but remain nearly 15% below last year's levels
- The number of loans in active foreclosure remained relatively flat for the month (+1,000 properties in foreclosure), and down 19,000 from the same time last year, leaving the national foreclosure rate unchanged
- Though falling by 15% in January, prepayment activity remains 113% above last year's levels

JACKSONVILLE, Fla., Feb. 20, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) reports the following "first look" at January 2020 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): 3.22%
Month-over-month change: -5.37%
Year-over-year change: -14.17%

Total U.S. foreclosure pre-sale inventory rate: 0.46%
Month-over-month change: 0.41%
Year-over-year change: -9.24%

Total U.S. foreclosure starts: 42,800
Month-over-month change: 8.35%
Year-over-year change: -14.74%

Monthly prepayment rate (SMM): 1.26%
Month-over-month change: -15.33%
Year-over-year change: 112.97%

Foreclosure sales as % of 90+: 1.80%
Month-over-month change: 21.57%
Year-over-year change: -6.73%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,705,000
Month-over-month change: -98,000
Year-over-year change: -240,000

Number of properties that are 90 or more days past due, but not in foreclosure: 419,000
Month-over-month change: -8,000
Year-over-year change: -85,000

Number of properties in foreclosure pre-sale inventory: 246,000
Month-over-month change: 1,000
Year-over-year change: -19,000

Number of properties that are 30 or more days past due or in foreclosure: 1,951,000
Month-over-month change: -96,000
Year-over-year change: -259,000

 

Top 5 States by Non-Current* Percentage

Mississippi:

9.84%

Louisiana:

7.20%

Alabama:

6.26%

West Virginia:

6.10%

Arkansas:

5.79%

 

Bottom 5 States by Non-Current* Percentage

California:

1.90%

Idaho:

1.79%

Oregon:

1.77%

Washington:

1.67%

Colorado:

1.63%

 

Top 5 States by 90+ Days Delinquent Percentage

Mississippi:

3.00%

Louisiana:

1.74%

Alabama:

1.73%

Arkansas:

1.61%

Indiana:

1.20%

 

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

Montana:           

-16.38%

Washington:       

-15.42%

Idaho:                  

-14.58%

Maine:                  

-14.54%

Wyoming:              

-13.42%

 

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

Minnesota:

2.69%

Illinois:

-0.67%

Nebraska:

-0.99%

Iowa:

-1.62%

Oklahoma:

-1.87%

                       

*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 March 2, 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.

 

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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