Black Knight: 1st Uptick in Early Stage Delinquencies in 9 Months
MBA NewsLink Staff
Black Knight, Jacksonville, Fla., said past-due loans increased by 1.8 percent in February, the first increase since last May.
The company’s First Look Mortgage Monitor said February’s increase was driven by a rise of 97,000 in early-stage delinquencies – which nevertheless remain well below pre-pandemic levels. Seriously delinquent mortgages (those 90 or more days past due) fell by 72,000 as borrowers leaving forbearance plans continue to return to making payments.
The report said after seeing a sizable spike in January, foreclosure starts pulled back by 24%, with the month’s 25,000 starts 25% below February 2020 levels, prior to the onset of pandemic-related economic stress. Other February report data:
–Total U.S. Loan Delinquency rate (30 or more days past due, but not in foreclosure): 3.36%, up by 1.76% from January but down by 44.09% from a year ago.
–Foreclosure Pre-Sale Inventory Rate: 0.31%, up by 9.35% from January but down by 3.41% from a year ago.
–Foreclosure Starts: 25,000, down by 24% from January but up by 541% from a year ago.
–Monthly Pre-Payment Rate: 1.12%, down by nearly 11 percent from January and by 61% from a year ago.
–Properties 30 or more days past due but not in foreclosure: 1.783 million, up by 25,000 from January but down by 1.403 million from a year ago.
–Properties 90 or more days past due but not in foreclosure: 787,000, down by 72,000 from January and by 1.288 million from a year ago.
–Properties in foreclosure pre-sale inventory: 162,000, up by 13,000 from January but down by 6,000 from a year ago.
–Properties 30 or more days past due or in foreclosure: 1.946 million, up by 39,000 from January but down by 1.408 million from a year ago.
–States with the highest percentage of non-current mortgages: Mississippi, Louisiana, West Virginia, Alabama, Oklahoma.
–States with the lowest percentage of non-current mortgages: Idaho, Washington, Colorado, California, Montana.
–State with the highest 90-day + percentage of delinquencies: Louisiana, Mississippi, Alabama, West Virginia, Arkansas.
