Foreclosures began pulling back in July, well below pre-pandemic levels, but early-stage delinquency rates are slightly higher


– The national delinquency rate rose to 2.89% in July, driven by a 4% increase in early-stage delinquency.
– Serious delinquencies – Loans more than 90 days past due but not yet foreclosed – Pulled back in July after 22 month worst in June
– The number of severely delinquent loans that have been cured to date has been steadily declining in recent months. 104K from March 58K This indicates that the easiest workout has likely been completed
– Foreclosure openings reduced by a total of 25% from June 17.7K – Around 55% below pre-pandemic levels in July – Represents just 3% of loans 90+ days past due
– The number of loans in foreclosure has fallen slightly, although still up from last year’s record lows due to extensive moratoriums and moratorium protections. 6K in July
– Prepayment activity fell another 18% in July, now down 67% from the same period last year, as rising interest rates put downward pressure on both purchases and refinancing loans.

jacksonville, florida, August 24, 2022 /PR Newswire/ — Black Knight Co., Ltd. (NYSE:BKI) reports the following “first look”: July 2022 Month-end mortgage performance statistics drawn from a loan-level database representing the majority of the national mortgage market.

Black Knight, Inc. Logo (PRNewsfoto/Black Knight, Inc.)

Black Knight, Inc. Logo (PRNewsfoto/Black Knight, Inc.)

Total U.S. loan delinquency rate (loans 30 days or more past due but not foreclosed): 2.89%
m/m: 1.98%
YoY: -30.17%

US Total Pre-Foreclosure Inventory Rate: 0.35%
m/m: -2.95%
YoY: 31.47%

US Total Foreclosure Starts: 17,700
m/m: -25.63%
YoY: 321.43%

Monthly Prepayment Rate (SMM): 0.66%
m/m: -18.37%
YoY: -67.35%

Foreclosure sales as % of 90+: 0.52%
m/m: -1.35%
YoY: 200.75%

Number of properties that are overdue for 30 days or more but have not been foreclosed: 1,543,000
m/m: 32,000
YoY: -663,000

594,000 properties that are overdue for 90 days or more but have not been foreclosed
m/m: -5,000
YoY: -853,000

Number of properties in stock before foreclosure: 184,000
m/m: -6,000
YoY: 44,000

30 days or more overdue or under foreclosure: 1,728,000
m/m: 28,000
YoY: -618,000

Top 5 States by Non-Current* Percentage

Mississippi:

6.44%

Louisiana:

5.75%

Oklahoma:

4.89%

Alabama:

4.88%

West Virginia:

4.74%

Bottom 5 States by Percentage of Non-Current*

Oregon:

2.02%

Colorado:

1.90%

California:

1.83%

Idaho:

1.74%

Washington:

1.71%

Top 5 States by 90+ Day Delinquency Rate

Mississippi:

2.43%

Louisiana:

2.08%

Alabama:

1.79%

Alaska:

1.70%

Maryland:

1.57%

Top 5 states by 6-month change in illiquid* rates

Hawaii:

-27.37%

Vermont:

-18.56%

New York:

-18.14%

Nevada:

-17.11%

Louisiana:

-16.39%

Bottom 5 states by 6-month change in illiquid* rate

Iowa:

0.66%

Kansas:

-1.16%

Oklahoma:

-2.75%

North Dakota:

-2.94%

Alaska:

-3.83%

*Total illiquid is a combination of foreclosures and delinquencies as a percentage of active loans in that state.
Note:
1) Total estimated based on Black Knight’s loan level database of mortgage assets.
2) All integers are rounded to the nearest thousand, except foreclosure start which is rounded to the nearest thousand.

For more on this month’s “first look” data, visit the Black Knight newsroom. The company provides a more detailed review of this data in its monthly mortgage monitoring report. This includes analysis of data supplemented with detailed charts and graphs that reflect trends and point-in-time observations. The Mortgage Monitor Report is September 7, 2022For more information on accessing the Black Knight loan level database, please email [email protected].

About Black Knight

Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending, services, real estate, capital and secondary markets. Businesses rely on our robust, integrated solutions across the homeownership lifecycle to help retain existing customers, acquire new customers, reduce risk and operate more effectively.

Our clients rely on proven, comprehensive and scalable products and an unwavering commitment to providing excellent client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

For more information:

Michelle Kirsch

Mitch Cohen

904.854.5043

704.890.8158

[email protected]

[email protected]

Sision

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SOURCE Black Knight Co., Ltd.



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