Black Knight: Delinquency Rates Down 3rd Straight Month; Prepayments Double
Black Knight, Jacksonville, Fla., said mortgage delinquencies fell for the third straight month in May as prepayment activity doubled over the past four months.
The company’s monthly First Look Mortgage Monitor said the national delinquency fell to 3.36% in May, its lowest level since Black Knight began reporting the metric in January 2000. Both early-stage and serious delinquencies fell from April, as did loans in active foreclosure, bringing total non-current inventory–all loans past due, including foreclosures–to its lowest point since early 2005.
The report said foreclosure starts also fell month-over-month to 39,000, the fewest of any month in more than 18 years. Prepayment activity jumped another 24% in May, more than doubling over the past four months to reach its highest level in more than two years.
Other key report data:
–Total U.S. foreclosure inventory rate: 0.49% in May, down by 1.65% from April and by 17.35% from a year ago.
–Total U.S foreclosure starts: 39,000 in May, down by 5.8% from April and by 13.14% from a year ago.
–Monthly prepayment rate: 1.23%, up by 24.31% from April and by 32.17% from a year ago.
–Properties 30 or more days past due but not in foreclosure: 1.76 million, down by 52,000 from April and by 107,000 from a year ago.
–Properties 90 or more days past due but not in foreclosure: 461,000, down by 13,000 from April and by 107,000 from a year ago.
–Properties in foreclosure pre-sale inventory: 255,000, down by 4,000 from May and by 48,000 from a year ago.
–Properties 30 or more days past due or in foreclosure: 2.015 million, down by 57,000 from April and by 156,000 from a year ago.
–States with the highest percentage of non-current loans: Mississippi, Louisiana, Alabama, West Virginia, Arkansas.
–States with the lowest percentage of non-current loans: Colorado, Oregon, Washington, Idaho, California.
–States with highest percentage of 90-day plus delinquencies: Mississippi, Louisiana, Alabama, Arkansas, Tennessee.
