— Prepayment activity fell 14 percent month-over-month and 29 percent year-over-year to its lowest level since November 2008
— Historically, prepayments were driven primarily by refinance activity but, more recently, the primary driver has become housing sales
— The last time the prepayment rate was this low – in the heat of the financial crisis – interest rates were above 6 percent and purchase lending had fallen by more than 50 percent in a 24-month span
— Delinquencies saw a slight seasonal increase in November, but remain 19 percent below last year’s level
— Serious delinquencies (90 or more days past due) also increased slightly for the month; now stand at 510,000
— Foreclosure starts fell by 11 percent month-over-month, with an estimated 45,200 starts in November
— A slight uptick in foreclosure inventory was offset by a month-over-month increase in the number of outstanding mortgages, resulting in a net decline in the national foreclosure rate
JACKSONVILLE, Fla., Dec. 20, 2018 /PRNewswire/ — Black Knight, Inc. (NYSE: BKI) reports the following “first look” at November 2018 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): 3.71%
Month-over-month change: 1.78%
Year-over-year change: -18.53%
Total U.S. foreclosure pre-sale inventory rate: 0.52%
Month-over-month change: -0.22%
Year-over-year change: -21.95%
Total U.S. foreclosure starts: 45,200
Month-over-month change: -10.67%
Year-over-year change: -5.44%
Monthly prepayment rate (SMM): 0.66%
Month-over-month change: -14.95%
Year-over-year change: -33.00%
Foreclosure sales as % of 90+: 1.78%
Month-over-month change: -8.92%
Year-over-year change: 11.48%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,925,000
Month-over-month change: 41,000
Year-over-year change: -399,000
Number of properties that are 90 or more days past due, but not in foreclosure: 510,000
Month-over-month change: 11,000
Year-over-year change: -156,000
Number of properties in foreclosure pre-sale inventory: 268,000
Month-over-month change: 1,000
Year-over-year change: -69,000
Number of properties that are 30 or more days past due or in foreclosure: 2,193,000
Month-over-month change: 41,000
Year-over-year change: -468,000
Top 5 States by Non-Current* Percentage
Mississippi: | 10.20% |
Louisiana: | 7.91% |
Alabama: | 6.82% |
Arkansas: | 6.57% |
West Virginia: | 6.46% |
Bottom 5 States by Non-Current* Percentage
Idaho: | 2.55% |
California: | 2.35% |
Washington: | 2.28% |
Oregon: | 2.27% |
Colorado: | 1.91% |
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: | 3.11% |
Louisiana: | 2.14% |
Arkansas: | 1.97% |
Alabama: | 1.94% |
Tennessee: | 1.46% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Florida: | -22.94% |
Alaska: | -10.32% |
New Jersey: | -7.70% |
Texas: | -6.92% |
New York: | -4.98% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Iowa: | 23.54% |
North Dakota: | 20.90% |
Nebraska: | 20.67% |
Minnesota: | 20.19% |
Arkansas: | 19.59% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1) Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
2) 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 Jan. 7, 2019.
For more information about gaining access to Black Knight’s loan-level database, please send an email to dataanalyticsinfo@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.
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Michelle Kersch | Mitch Cohen |
Black Knight, Inc. | Black Knight Inc. |
904.854.5043 | 704.890.8158 |
SOURCE Black Knight, Inc.