Black Knight: Strong April Mortgage Performance Pushes National Delinquency Rate to Record Low
Black Knight, Jacksonville, Fla., said following a slow start to the year, the national delinquency rate fell by more than 5% month-over-month to 3.47%, its lowest level dating back to 2000.
The company’s April First Look Mortgage Monitor also reported serious delinquencies, defined as loans 90 or more days past due, but not yet in foreclosure, fell to 474,000, marking a 124,000 year-over-year decline and a 12-year low.
The report said while monthly foreclosure starts edged up slightly from March’s 18-year low, the number of loans in active foreclosure continued to shrink, hitting a more than 13-year low in April. Additionally, prepayment activity continued to press upward, driven by a combination of low interest rates and seasonal increases in home sale activity. The prepayment rate on first-lien mortgages rose by 17% from March, bringing the three-month aggregate increase to 67%.
Other report highlights:
–Total U.S. loan delinquency rate (loans 30 or more days past due but not in foreclosure): 3.47% in April, down by 5.05% from March and down from 5.41% from a year ago;
–Total U.S. foreclosure pre-sale inventory rate: 0.5% in April, down by 2.23% from March and by 18.77% from a year ago;
–Total foreclosure starts: 41,400 in April, up by 4.28% from March but down by 16.02% from a year ago;
–Monthly prepayment rate: 0.99% in April, up by 17.54% from March and by 17.85% from a year ago;
–Properties 30 or more days past due, but not in foreclosure: 1.812 million in April, down by 91,000 in March and own by 73,000 from a year ago;
–Properties 90 or more days past due, but not in foreclosure: 474,000, down by 19,000 in March and by 124,000 from a year ago;
–Properties 30 or more days past due or in foreclosure: 2.072 million, down by 96,000 from March and by 127,000 a year ago;
–States with the highest percentage of non-current mortgages: Mississippi, Louisiana, Alabama, West Virginia, Arkansas;
–States with the lowest percentage of non-current mortgages: Colorado, Oregon, Washington, Idaho, North Dakota;
–States with the highest number of 90 day-plus delinquencies: Mississippi, Louisiana, Alabama, Arkansas, Tennessee.