Black Knight: February Delinquencies, Foreclosures Continue Decline

Black Knight Financial Services, Jacksonville, Fla., said mortgage servicing activity continued to improve in February, with declines in delinquencies, foreclosures and prepayment activity.

The company’s First Look Mortgage Monitor reported mortgage delinquencies fell by nearly 1 percent in February from January. Foreclosure starts fell by 18 percent from January and by 31 percent from a year ago. The active foreclosure inventory fell to 470,000, the lowest level since June 2007.

Black Knight also reported mortgage prepayment speeds–an indicator of refinance activity–declined by 15 percent in February, marking a 40 percent overall year-to-date decline and the lowest monthly rate in three years.

Other February report highlights:

–Loan Delinquency Rate: 4.21 percent, down by 0.98 percent from January and by 5.51 percent from a year ago and down by 5.51 percent from a year ago.

–Total Foreclosure Pre-Sale Inventory Rate: 0.93 percent, down by 1.88 percent from January and down by 28.48 percent from a year ago.

–Total Foreclosure Starts: 57,900, down by 17.76 percent from January and down by 31.32 percent from a year ago.

–Monthly Prepayment Rate: 0.80 percent, down by 15.26 percent from January and down by 9.94 percent from a year ago.

–Properties 30 or more days past due but not in foreclosure: 2.135 million, down by 27,000 from January and down by 117,000 from a year ago.

–Properties 90 or more days past due but not in foreclosure: 641,000, down by 23,000 from January and down by 131,000 from a year ago.

–Properties in foreclosure pre-sale inventory: 470,000, down by 11,000 from January and down by 185,000 from a year ago.

–Properties 30 or more days past due or in foreclosure: 2.605 million, down by 38,000 from January and down by 302,000 from a year ago.

–States with highest rate of non-current mortgages: Mississippi (11.06 percent); Louisiana (9.72 percent); Alabama (7.82 percent); West Virginia (7.45 percent); and New Jersey (7.44 percent).

–States with lowest rate of non-current mortgages: North Dakota (2.37 percent); Colorado (2.38 percent); Minnesota (2.79 percent); Montana (2.94 percent); and Idaho (2.99 percent).