9
WHAT'S DRIVING
DELINQUENCIES?
e national delinquency rate in May rose
to 4.73% from April's 4.66%, a 1.5% increase
driven largely by the three-day Memorial Day
weekend foreshortening available payment
windows, the research team at Black Knight
reports in its monthly "first look" at month-
end mortgage performance statistics derived
from its loan-level database representing most
of the national mortgage market.
Early-stage delinquencies (30-60 days
past due) rose by 110,200 in May, while
serious delinquencies (90 or more days but
not yet in foreclosure) improved for the
ninth consecutive month, according to Black
Knight.
Despite this improvement, the property
data analysts report that almost 1.7 million
first-lien mortgages remain seriously
delinquent. at is 1.26 million more than
there were prior to the pandemic.
From the same report: foreclosure
inventory hit yet another new record low as
both moratoria and borrower forbearance
plan participation continue to limit activity,
keeping foreclosure starts near record lows
as well. ey also reported that mortgage
prepayments fell to their lowest level in more
than a year, "driven by falling refinance activity
as well as purchase-related headwinds."
e report shows the number of properties
that are 30 or more days past due, but not in
foreclosure amounts to 2,511,000. at is a
month-over-month change of 11,000 and an
annual dip of 1,612,000.
For seriously delinquent properties
that are not in foreclosure, the number is
1,669,000, a monthly decline of 99,000 and a
year-over-year increase of 1,038,000.
e number of properties in foreclosure
pre-sale inventory is 148,000, a monthly
change of -5,000 and an annual change of
-52,000.
Overall, they report, 2,659,000 properties
are 30 or more days past due or in foreclosure.
at is 6,000 more for the month and down
1,665,000 for the year.
Regionally the highest delinquency rates
are reported in Mississippi, 8.56%; Louisiana,
8.07%; Hawaii, 7.08%; Oklahoma, 6.76%; and
Maryland, 6.64%.
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