Mortgage delinquencies and foreclosures start in June but remain well below pre-pandemic levels

• The national delinquency rate rose 9 basis points from May to 2.84%, and has since fallen to three consecutive months of record lows.
• The increases were broad-based – the number of borrowers with one past due was up 5% and the 90-day delinquency rate was up just 1% month-on-month, breaking 21 consecutive months of improvement
• Foreclosure starts also increased by 27% in June, still 40% below pre-pandemic levels – a 441% year-on-year increase.Big Rise from Pandemic Lows
• It also had the highest percentage of major delinquency since its inception (4%). March 2020but less than half the rate in the years leading up to the pandemic
• Active seized stock is 16K This month, the
• Prepaid activity fell another 7% in June, down 64% from the same period last year as rising interest rates put downward pressure on both purchases and refinancing loans.

jacksonville, florida, July 25, 2022 /PR Newswire/ — Black Knight Co., Ltd. (NYSE:BKI) reports the following “first look”: June 2022 Month-end mortgage performance statistics drawn from a loan-level database representing the majority of the national mortgage market.

Total U.S. loan delinquencies (loans 30 days or more past due but not foreclosed): 2.84%
m/m: 3.31%
YoY: -35.10%

US Total Pre-Foreclosure Inventory Rate: 0.36%
m/m: 8.73%
YoY: 30.05%

US Total Foreclosure Starts: 23,800
m/m: 26.60%
YoY: 440.91%

Monthly Prepayment Rate (SMM): 0.81%
m/m: -7.07%
YoY: -64.27%

Foreclosure sales as % of 90+: 0.53%
m/m: 6.15%
YoY: 328.83%

Number of properties that are overdue for 30 days or more but have not been foreclosed: 1,511,000
m/m: 50,000
YoY: -809,000

Number of properties that are overdue for 90 days or more but have not been foreclosed: 599,000
m/m: 4,000
YoY: -951,000

Number of properties in stock before foreclosure: 190,000
m/m: 16,000
YoY: 45,000

30 days or more overdue or under foreclosure: 1,700,000
m/m: 65,000
YoY: -766,000

Top 5 States by Non-Current* Percentage
Mississippi: 6.41%
Louisiana: 5.65%
Alabama: 4.72%
Oklahoma: 4.69%
West Virginia: 4.68%

Bottom 5 States by Percentage of Non-Current*
Utah: 1.95%
Colorado: 1.86%
California: 1.80%
Washington: 1.66%
Idaho: 1.66%

Top 5 States by 90+ Day Delinquency Rate
Mississippi: 2.43%
Louisiana 2.11%
Alabama 1.77%
Alaska 1.62%
Maryland 1.59%

Top 5 states by 6-month change in illiquid* rate
District of Columbia: -21.83%
Hawaii: -21.82%
Nevada: -20.56%
Louisiana: -19.99%
Washington: -18.38%

Bottom 5 States by Six Months by Non-Current* Percentage
North Dakota: 1.91%
Iowa: -2.50%
Maine: -3.20%
Kansas: -4.71%
Missouri: -5.00%

*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 available online at https://www.blackknightinc.com/data-reports/. August 1, 2022For more information on accessing the Black Knight Loan Level Database, please send an email to: [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.

SOURCE Black Knight Co., Ltd.