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Black Knight: June Foreclosure Starts Lowest in 17 Years
Black Knight, Jacksonville, Fla., reported foreclosure starts fell by 3.1 percent in June to 43,500, the lowest single-month total since 2001.
The company’s First Look Mortgage Monitor report said active foreclosures continued to decline as well, falling below 300,000 in June for the first time in nearly 12 years, to 0.56 percent, a 4.51 percent drop from May. The inventory of loans in active foreclosure has fallen 30 percent (-119,000) over the past 12 months.
The report noted the total delinquency rate fell to 3.74 percent in June, up by 2.71 percent from May but down by 1.59 percent from a year ago. It also noted after rising following the 2017 hurricane season, 90-day delinquencies hit a new post-recession low.
Black Knight reported prepayment activity rose again in June, as home sales reached their typical early-summer peak. The prepayment rate rose to 0.95 percent in June, up by 2.45 percent from May but down by 15.04 percent from a year ago.
Other June data:
–Properties 30 or more days past due, but not in foreclosure: 1.925 million, up by 58,000 from May but down by 7,000 from a year ago.
–Properties 90 or more days past due, but not in foreclosure: 548,000, 20,000 less than May and 7,000 fewer than a year ago.
–Properties in foreclosure pre-sale inventory: 291,000, down by 12,000 from May and down by 119,000 from a year ago.
–Properties 30 or more days past due or in foreclosure: 2.216 million, up by 45,000 from May but down by 126,000 from a year ago.
–States with highest percentage of non-current loans: Mississippi (9.7 percent); Louisiana (7.6 percent); Alabama (6.7 percent); West Virginia (6.65 percent); and Maine (6 percent).
–States with lowest percentage of non-current loans: Colorado (1.95 percent); Oregon (2.2 percent); Washington (2.3 percent); Idaho (2.3 percent); and North Dakota (2.37 percent).
–States with highest 90-day delinquent percentage: Mississippi (2.92 percent); Florida (2.13 percent); Louisiana (2.01 percent); Alabama (1.88 percent); and Arkansas (1.62 percent).