Black Knight: National Mortgage Delinquency Rate Decreased in October | Risk Management
• After rising sharply in September, mortgage delinquencies fell by 8.2 percent in October and are now down by nearly 18 percent from the same time last year
• Serious delinquencies – loans 90 or more days past due – fell by 14,000 from last month and 90,000 from last October to hit a more than 12-year low
• Improvements in hurricane-related delinquencies associated with Harvey and Irma – which spiked in late 2017 – are contributing to the strong year-over-year improvements
• Despite foreclosure starts seeing a monthly increase from September’s nearly 18-year low, the number of loans in active foreclosure fell slightly from September and has decreased by 24 percent from last year
• Prepayment activity – now driven primarily by housing turnover – climbed 14 percent, but remains 29 percent below last year’s level
According to Black Knight’s First Look report for October, the percent of loans delinquent decreased 8.2% in October compared to September, and decreased 17.9% year-over-year.
The percent of loans in the foreclosure process decreased 0.5% in October and were down 24.2% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.64% in October, down from 3.97% in September.
The percent of loans in the foreclosure process decreased slightly in October to 0.52% from 0.52% in September.
The number of delinquent properties, but not in foreclosure, is down 378,000 properties year-over-year, and the number of properties in the foreclosure process is down 81,000 properties year-over-year.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||1,884,000||2,049,000||2,262,000||2,202,000|
|Number of properties in foreclosure pre-sale inventory:||267,000||268,000||348,000||504,000|