Black Knight: Hurricane Delinquencies Linger; Foreclosures Fall

Black Knight, Jacksonville, Fla., said delinquencies related to last summer’s hurricane persist well into this year, although foreclosures continue to fall and mortgage prepays hit a four-year low.

The company’s First Look Mortgage Monitor report said the national delinquency rate edged slightly downward in February, with hurricane-related delinquencies declining by a modest 5 percent for the month. Serious delinquencies (90 or more days past due) attributed to Hurricanes Harvey and Irma fell by 3 percent. Black Knight reported 128,000 hurricane-driven seriously delinquent mortgages remain in Texas, Florida and Georgia.

After hitting a 12-month high in January, Black Knight said foreclosure starts fell by 25 percent in February. Active foreclosure inventory rebounded from January’s increase, reaching a new post-recession low.

Additionally, the report said rising interest rates pushed prepayment activity to the lowest level since 2014.

Key report data:

–Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.30%, down by 0.21 percent from January but up by 2.10 percent from a year ago.

–Total U.S. foreclosure pre-sale inventory rate: 0.65%, down by nearly 2 percent from January and by more than 30 percent from a year ago.

–Total U.S. foreclosure starts: 46,700, down by 25 percent from January and by 19.34 percent from a year ago.

–Monthly prepayment rate: 0.72%, down by nearly 9 percent from January and by 10.58 percent from a year ago.

–Properties 30 or more days past due, but not in foreclosure: 2.198 million, down by 4,000 from January and by 63,000 from a year ago.

–Properties 90 or more days past due, but not in foreclosure: 697,000, down by 10,000 from January and by 56,000 from a year ago.

–Properties in foreclosure pre-sale inventory: 331,000, down by 6,000 from January and by 139,000 from a year ago.

–Properties 30 or more days past due or in foreclosure: 2.528 million, down by 11,000 from January and by 77,000 from a year ago.

–States with the highest percentage of non-current loans: Mississippi, Louisiana, Florida, Alabama and West Virginia.

–States with the lowest percentage of non-current loans: Colorado, North Dakota, Washington, Oregon and Idaho.

–States with the highest 90-plus days delinquent percentage: Florida, Mississippi, Louisiana, Texas and Alabama.