– Despite recent declines in interest rates, January’s prepayment rate was the lowest since November 2000
– Seasonal reductions in home sales outweighed any early, rate-driven rise in refinance incentive
– Housing turnover typically bottoms out in January and February, so prepayments could pick up again if rates remain low through the early spring home buying season
– The national delinquency rate fell by 3.5 percent and is now nearly 13 percent below last year’s level
– Foreclosure starts rose seasonally month-over-month but were down more than 19 percent year-over-year
– The number of loans in active foreclosure continued its downward trend; there are now 265,000 active foreclosures, down 72,000 from one year ago
JACKSONVILLE, Fla./PRNewswire/ — Black Knight, Inc. (NYSE: BKI) reports the following “first look” at January 2019 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.75%
Month-over-month change: -3.45%
Year-over-year change: -12.93%
Total U.S. foreclosure pre-sale inventory rate: 0.51%
Month-over-month change: -2.20%
Year-over-year change: -22.43%
Total U.S. foreclosure starts: 50,200
Month-over-month change: 8.42%
Year-over-year change: -19.42%
Monthly prepayment rate (SMM): 0.59%
Month-over-month change: -10.15%
Year-over-year change: -25.20%
Foreclosure sales as % of 90+: 1.93%
Month-over-month change: 40.39%
Year-over-year change: 10.83%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,945,000
Month-over-month change: -68,000
Year-over-year change: -257,000
Number of properties that are 90 or more days past due, but not in foreclosure: 504,000
Month-over-month change: -7,000
Year-over-year change: -203,000
Number of properties in foreclosure pre-sale inventory: 265,000
Month-over-month change: -6,000
Year-over-year change: -72,000
Number of properties that are 30 or more days past due or in foreclosure: 2,210,000
Month-over-month change: -73,000
Year-over-year change: -329,000
Top 5 States by Non-Current* Percentage
Bottom 5 States by Non-Current* Percentage
Top 5 States by 90+ Days Delinquent Percentage
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
District of Columbia:
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom.
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by March 7, 2019.
For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
About Black Knight
Black Knight (NYSE: BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
SOURCE Black Knight, Inc.