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Black Knight's First Look: Mortgage Delinquencies Improve for the First Time Since January, While Serious Delinquencies Surge to 9-Year High

July 22, 2020
- After rising from 3.2% in January to 7.8% in May, the national delinquency rate improved for the first time in five months, falling to 7.6% in June as the overall number of past-due mortgages declined by 98,000
- Serious delinquencies - those 90 or more days past due - rose by more than 1.2 million as the initial wave of borrowers financially impacted by COVID-19 missed their third mortgage payment
- At 1.87 million, the number of seriously delinquent mortgages is now at its highest level since early 2011
- With federal foreclosure moratoriums still in place, active foreclosure inventory continues to dwindle; June's 192,000 active foreclosures were the fewest on record, dating back to 2000
- Prepayment activity hit its highest level in 16 years in June, fueled by record-low 30-year interest rates and surging refinance incentive

JACKSONVILLE, Fla., July 22, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at June 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): 7.59%
Month-over-month change: -2.25%
Year-over-year change: 103.55%

Total U.S. foreclosure pre-sale inventory rate: 0.36%
Month-over-month change: -4.21%
Year-over-year change: -27.08%

Total U.S. foreclosure starts: 5,900
Month-over-month change: 15.69%
Year-over-year change: -85.29%

Monthly prepayment rate (SMM): 2.65%
Month-over-month change: 15.93 %
Year-over-year change: 133.69%

Foreclosure sales as % of 90+: 0.05%
Month-over-month change: -46.47%
Year-over-year change: -97.30%

Number of properties that are 30 or more days past due, but not in foreclosure: 4,034,000
Month-over-month change: -89,000
Year-over-year change: 2,084,000

Number of properties that are 90 or more days past due, but not in foreclosure: 1,874,000
Month-over-month change: 1,243,000
Year-over-year change: 1,419,000

Number of properties in foreclosure pre-sale inventory: 192,000
Month-over-month change: -8,000
Year-over-year change: -67,000

Number of properties that are 30 or more days past due or in foreclosure: 4,226,000
Month-over-month change: -98,000
Year-over-year change: 2,017,000

Top 5 States by Non-Current* Percentage
Mississippi:                  12.46%
Louisiana:                    11.71%
New York:                    10.90%
New Jersey:                 10.63%
Hawaii:                         10.28%                                               

Bottom 5 States by Non-Current* Percentage
Oregon:                        5.17%
South Dakota:              5.12%
Montana:                      5.07%
Washington:                 4.82%
Idaho:                           4.37%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:                  5.73%
Louisiana:                    5.32%
New Jersey:                 5.32%
New York:                    5.10%
Nevada:                       4.90%                                                                         

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Mississippi:                   24.69%
West Virginia:               26.78%
Arkansas:                     29.09%
Alabama:                      38.19%
Indiana:                        38.59%                                                                       

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Alaska:                        243.29%
Nevada:                       237.45%
California:                    223.42%
Colorado:                     214.63%
Hawaii:                        184.14%                                                                     

*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 Aug. 3, 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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