Black Knight: Delinquencies Down 11% From Year Ago Despite Seasonal Uptick
Black Knight, Jacksonville, Fla., said the national delinquency rate edged up seasonally in September to 3.53%, but fell by 11.2% from a year ago, marking the largest year-over-year decline in eight months.
The company’s First Look Mortgage Monitor report said both serious delinquencies and active foreclosure inventory fell in the month as well, with the latter falling to its lowest level since late 2005. Additionally, the report said prepayment activity rose by 3% from August despite facing headwinds from the typical seasonal decline in home sale-related prepayments. Prepays are now up 121% from a year ago as falling rates continue to spur refinance activity.
Other September report data:
–Total U.S. foreclosure pre-sale inventory rate: 0.48%, down by 0.36% from August and down by 7.68% from a year ago.
–Total foreclosure starts: 39,400, up by 8.84% from August but down by 1.5% from a year ago.
–Properties 30 or more days past due, but not in foreclosure: 1.854 million, up by 41,000 from August but down by 195,000 from a year ago.
–Properties 90 or more days past due, but not in foreclosure: 443,000, down by 1,000 from August and down by 70,000 from a year ago.
–Properties in the foreclosure pre-sale inventory: 252,000, down by 1,000 from August and down by 16,000 from a year ago.
–Properties 30 or more days past due or in foreclosure: 2.106 million, up by 40,000 from August but down by 211,000 from a year ago.
–States with the highest percentage of non-current loans: Mississippi, Louisiana, Alabama, West Virginia and Arkansas.
–States with the lowest percentage of non-current loans: Colorado, Oregon, Washington, California, Idaho,
States with the highest percentage of 90-day plus delinquencies: Mississippi, Alabama, Louisiana, Arkansas, Tennessee.