Thursday , July 18 2019
Home / Calculated Risk / Black Knight: National Mortgage Delinquency Rate Increased in February

Black Knight: National Mortgage Delinquency Rate Increased in February

Summary:
CR Note: It is possible that some of the increase in the delinquency rate in February was due to late tax refunds.From Black Knight: Black Knight’s First Look: Bucking Historical Seasonal Trend, February Sees Delinquencies Rise; Prepayments Up 11 Percent, Driven by Softening Interest Rates• Delinquencies rose by 3.7 percent in February, the first February increase in 12 years• Despite the monthly rise, delinquencies remain more than 9.5 percent below last year’s level• At 40,400 for the month, foreclosure starts were down 19.5 percent from January and edged close to September 2018’s 15-year low• The national foreclosure rate improved marginally and is now down more than 21 percent year-over-year• Prepayment speeds rose by 11 percent from January’s 18-year low, suggesting an increase in

Topics:
Bill McBride considers the following as important:

This could be interesting, too:

Kathy Lien writes 5 Reasons Why Traders are Selling US Dollars

Tyler Durden writes Debt & The Failure Of Monetary Policy To Stimulate Growth

Tyler Durden writes Epstein Denied Bail; Financier Will Remain In Tiny Cell Until Hearing

Tyler Durden writes Pentagon Fears Turkey To Retaliate Against US Troops In Syria Over New Sanctions

CR Note: It is possible that some of the increase in the delinquency rate in February was due to late tax refunds.

From Black Knight: Black Knight’s First Look: Bucking Historical Seasonal Trend, February Sees Delinquencies Rise; Prepayments Up 11 Percent, Driven by Softening Interest Rates
• Delinquencies rose by 3.7 percent in February, the first February increase in 12 years

• Despite the monthly rise, delinquencies remain more than 9.5 percent below last year’s level

• At 40,400 for the month, foreclosure starts were down 19.5 percent from January and edged close to September 2018’s 15-year low

• The national foreclosure rate improved marginally and is now down more than 21 percent year-over-year

• Prepayment speeds rose by 11 percent from January’s 18-year low, suggesting an increase in refinance activity driven by the recent decline in 30-year interest rates
According to Black Knight's First Look report for February, the percent of loans delinquent increased 3.7% in February compared to January, and decreased 9.5% year-over-year.

The percent of loans in the foreclosure process decreased 0.4% in February and were down 21.3% 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 3.89% in February, up from 3.75% in January.

The percent of loans in the foreclosure process decreased slightly in February to 0.51% from 0.51% in January.

The number of delinquent properties, but not in foreclosure, is down 179,000 properties year-over-year, and the number of properties in the foreclosure process is down 67,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Feb
2019
Jan
2019
Feb
2018
Feb
2017
Delinquent3.89%3.75%4.30%4.21%
In Foreclosure0.51%0.51%0.65%0.93%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,019,0001,945,0002,198,0002,135,000
Number of properties in foreclosure pre-sale inventory:264,000265,000331,000470,000
Total Properties2,284,0002,210,0002,528,0002,605,000
Bill McBride
A full time blogger, Mr. McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

Leave a Reply

Your email address will not be published. Required fields are marked *