– Another 723,000 homeowners became past due on their mortgages in May, pushing the national delinquency rate to its highest level in 8.5 years
– There are now 4.3 million homeowners past due on their mortgages or in active foreclosure — including those in forbearance who have missed scheduled payments as part of their plans — up from 2 million at the end of March
– Serious delinquencies are on the rise as well, increasing by more than 50% over the past two months
– However, Black Knight’s McDash Flash Payment Tracker shows a higher share of payments have been made thus far in June than at the same time in May, suggesting the rise in delinquencies may be leveling off
– Both foreclosure starts and sales (completions), halted by COVID-19 moratoriums, remain at record lows
– The share of homeowners in active foreclosure has fallen to its lowest level on record since Black Knight began reporting the figure in January 2000
– COVID-19-related impacts on April purchase and refinance locks resulted in mortgage prepayments edging downward, but with 30-year rates near record lows, the potential for increased prepay activity remains
Black Knight, Inc. (NYSE:BKI) reports the following “first look” at May 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): 7.76%
Month-over-month change: 20.43%
Year-over-year change: 130.78%
Total U.S. foreclosure pre-sale inventory rate: 0.38%
Month-over-month change: -5.80%
Year-over-year change: -22.70%
Total U.S. foreclosure starts: 5,100
Month-over-month change: -31.08%
Year-over-year change: -86.92%
Monthly prepayment rate (SMM): 2.29%
Month-over-month change: -1.78%
Year-over-year change: 86.39%
Foreclosure sales as % of 90+: 0.09%
Month-over-month change: -19.57%
Year-over-year change: -95.09%
Number of properties that are 30 or more days past due, but not in foreclosure: 4,123,000
Month-over-month change: 723,000
Year-over-year change: 2,363,000
Number of properties that are 90 or more days past due, but not in foreclosure: 631,000
Month-over-month change: 169,000
Year-over-year change: 170,000
Number of properties in foreclosure pre-sale inventory: 200,000
Month-over-month change: -11,000
Year-over-year change: -55,000
Number of properties that are 30 or more days past due or in foreclosure: 4,324,000
Month-over-month change: 712,000
Year-over-year change: 2,309,000
Top 5 States by Non-Current* Percentage
New York: 11.28%
New Jersey: 11.03%
Bottom 5 States by Non-Current* Percentage
South Dakota: 5.02%
Top 5 States by 90+ Days Delinquent Percentage
Top 5 States by 6-Month Improvement in Non-Current* Percentage
West Virginia: 24.15%
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
|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 July 6, 2020.
For more information about gaining access to Black Knight’s loan-level database, please send an email to [email protected].
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.