DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1472826
9 Journal U.S. RECORDS 19K FORECLOSURE STARTS IN MAY Black Knight Inc. has released a "first look" of the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the United States. According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. e delinquency rate was 2.80% in April and 2.84% in March. e 2.75% rate also marks a record low for delinquencies. While the delinquency rates among mortgage owners that are a single payment late edged upwards by 0.2%, serious delinquencies (those over 90 days late) saw a 7% improvement but remain 45% above pre-pandemic levels. Despite elevated serious delinquency levels, foreclosure starts dropped 12% from April and continue to hold well below pre-pandemic levels while active foreclosures edged slightly higher month over month. Notable statistics from the report include: Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.75% » Month-over-month change: -1.93% » Year-over-year change: -41.96% Total U.S. foreclosure pre-sale inventory rate: 0.33% » Month-over-month change: 1.03% » Year-over-year change: 17.55% Total U.S. foreclosure starts: 18,800 » Month-over-month change: -12.15% » Year-over-year change: 394.74% Monthly prepayment rate (SMM): 0.88% » Month-over-month change: -11.13% » Year-over-year change: -59.16% Foreclosure sales as % of 90+: 0.50% » Month-over-month change: 8.61% » Year-over-year change: 305.57% Number of properties that are 30 or more days past due, but not in foreclosure: 1,461,000 » Month-over-month change: -35,000 » Year-over-year change: -1,050,000 Number of properties that are 90 or more days past due, but not in foreclosure: 595,000 » Month-over-month change: -45,000 » Year-over-year change: -1,074,000 Number of properties in foreclosure pre-sale inventory: 174,000 » Month-over-month change: 1,000 » Year-over-year change: 26,000 Number of properties that are 30 or more days past due or in foreclosure: 1,635,000 » Month-over-month change: -34,000 » Year-over-year change: -1,024,000 Top 5 States by Non-Current Percentage » Mississippi: 6.07% » Louisiana: 5.43% » Alabama: 4.48% » Oklahoma: 4.45% » West Virginia: 4.24% Bottom 5 States by Non-Current Percentage » Utah: 1.92% » Colorado: 1.80% » California: 1.78% » Idaho: 1.63% » Washington: 1.61% Top 5 States by 90+ Days Delinquent Percentage » Mississippi: 2.35% » Louisiana: 2.12% » Alabama: 1.67% » Alaska: 1.64% » Maryland: 1.57% Top 5 States by 6-Month Improvement in Non-Current Percentage » Louisiana: -31.66% » District of Columbia: -31.55% » Nevada: -27.85% » Hawaii: -27.06 % » Washington: -26.69% Top 5 States by 6-Month Deterioration in Non-Current Percentage Maine: -8.57% » Alaska: -10.56% » Iowa: -12.04% » New Hampshire: -12.67% » Missouri: -12.86 %