July’s Mortgage Performance Data Unveiled By Black Knight, Inc.

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July’s Mortgage Performance Data Unveiled By Black Knight, Inc.

Aug 31, 2023 | News | 0 comments

In the latest report by Black Knight, Inc., the national delinquency rate in the United States experienced a slight increase of 9 basis points, reaching 3.21%. However, this figure was still 12 basis points lower compared to the previous year. Notably, the current delinquency rate remains within a tight range of just 12 basis points from the record low observed in March 2023.

While the overall delinquency rate saw a marginal uptick, there were positive developments in serious delinquencies (90 or more days past due). This category continued its downward trajectory, dropping to 468,000, marking the lowest number seen since the time preceding the Great Recession.

Analyzing the specifics of delinquency periods, 30-day delinquencies increased by 35,000 during July. Meanwhile, 60-day delinquencies experienced a rise of 17,000, equivalent to a 6.4% increase. Encouragingly, the number of loans that were 90 or more days overdue decreased by 3,000.

The data also pointed to a decline in active foreclosure loans, which numbered 220,000. This figure represented the smallest count since the conclusion of the foreclosure moratorium. Furthermore, this count showcased a substantial reduction of 22%, equivalent to 63,000 units, from February 2020.

Examining the relationship between foreclosure starts and 90-day delinquencies, the report indicated that foreclosure starts comprised 5.6% of all 90-day delinquent loans.

For a more comprehensive overview of the data, consider the following key statistics:

  • Total U.S. loan delinquency rate (loans overdue by 30 or more days, excluding foreclosures): 3.21%
  • Total U.S. foreclosure pre-sale inventory rate: 0.42%
  • Total U.S. foreclosure starts: 26,300
  • Monthly prepayment rate (SMM): 0.50%
  • Foreclosure sales: 6,100
  • Number of properties overdue by 30 or more days, excluding foreclosures: 1,700,000
  • Number of properties overdue by 90 or more days, excluding foreclosures: 468,000
  • Number of properties in foreclosure pre-sale inventory: 220,000
  • Number of properties overdue by 30 or more days or in foreclosure: 1,919,000
  • The report also highlighted the top and bottom five states based on non-current percentages, 90+ days delinquent percentages, and the 12-month change in non-current percentages, shedding light on localized trends within the broader national context.