Black Knight: Delinquency Rate Highest Since February

Black Knight Financial Services, Jacksonville, Fla., saw mixed results in its First Look Mortgage Monitor report this morning.

To wit:

–Despite the ‘Brexit’ effect; despite rates hovering near record lows; despite the population of refinanceable borrowers swelling to 8.7 million (as of the end of June), prepayment speeds–historically a good indicator of refi activity–fell by 12 percent in July.
–The national delinquency rate jumped by nearly 5% from June, rising above 4.5% for the first time since February.
–July foreclosure starts came in at 61,300, a 12 percent decline from June, the second-lowest monthly total in 10 years.
–The inventory of loans in active foreclosure continued its long-term downward trend, having fallen 20 percent year to date. At 550,000, inventory reached its lowest point since July 2007.

Black Knight said the U.S. loan delinquency rate rose to 4.51 percent, a month over month increase of 4.78 percent but a year over year drop of 3.38 percent.

Other report highlights:
–Total foreclosure pre-sale inventory rate: 1.09 percent, down 1.68 percent from June and down by 28.36 percent from a year ago.
–Total U.S. foreclosures: 61,300, down by 11.54 percent from June and down by 14.27 percent from a year ago.
–Monthly Prepayment Rate: 1.26 percent, down by nearly 12 percent from June and down by 1 percent from a year ago.
–Foreclosure Sales as percentage of 90+: 1.99 percent, down by 13.65 percent from June but an increase of 1.05 percent from a year ago.
–Properties 30 or more days past due, but not in foreclosure: 2.286 million, an increase of 108,000 from June but down by 70,000 from a year ago.
–Properties 90 or more days past due, but not in foreclosure: 695,000, a 3,000 increase from June but down by 147,000 from a year ago.
–Properties in foreclosure pre-sale inventory: 550,000, down by 8,000 from June and by 214,000 from a year ago.
–Properties 30 or more days past due or in foreclosure: 2.836 million, an increase of 100,000 from June but down by 284,000 from a year ago.
–States with the highest Non-Current Percentage: Mississippi (11.67 percent); Louisiana (9.63 percent); New Jersey (8.95 percent); West Virginia (8.34 percent); and Alabama (8.21 percent).
–States with the lowest Non-Current Percentage: North Dakota (2.56 percent); Colorado (2.71 percent); Minnesota (2.92 percent); Montana (3.13 percent); and South Dakota (3.13 percent).