Black Knight: Mortgage Delinquencies Declined in March to 11 Year Low
• Delinquencies declined 14 percent month-over-month, hitting their lowest level since March 2006 and the fourth lowest point since the turn of the centuryAccording to Black Knight's First Look report for March, the percent of loans delinquent decreased 14.1% in March compared to February, and declined 11.4% year-over-year.
• Total non-current inventory – all loans 30 days or more past due or in active foreclosure – fell below 2.3 million, the lowest volume in 11 years
• After hitting a three-year low in February, prepayment speeds (historically a good indicator of refinance activity) rose 20 percent in March; still 26 percent below last year’s level
• Foreclosure starts were up 4.15 percent for the month, but Q1 2017’s 189,000 starts represented an 18 percent decline from Q1 2016
The percent of loans in the foreclosure process declined 4.6% in March and were down 29.2% 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 3.62% in March, down from 4.21% in February.
The percent of loans in the foreclosure process declined in March to 0.88%.
The number of delinquent properties, but not in foreclosure, is down 231,000 properties year-over-year, and the number of properties in the foreclosure process is down 183,000 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:
Number of properties in foreclosure pre-sale inventory: