– 3.6 million homeowners were past due on their mortgages as of the end of April, the largest number since January 2015
– The number includes both homeowners past due on mortgage payments who are not in forbearance, as well as those in forbearance plans who did not make an April mortgage payment
– At 6.45%, the national delinquency rate nearly doubled (+3.06%) from March, the largest single-month increase ever recorded, and nearly three times the previous single-month record set back in late 2008
– Delinquency increases in Nevada (+5.2%), New Jersey (+5.1%), and New York (+4.9%) led the states, while Miami (+7.2%), Las Vegas (+6.2%) and New York City (+5.4%) topped the 100 largest metro areas
– There were declines in cure activity among later-stage delinquencies as well, with the number of seriously delinquent mortgages (90+ days) increasing by 56,000 (+14%) from March
– Both foreclosure starts and foreclosure sales hit record lows in April as moratoriums halted foreclosure activity across the country
– Prepayment speeds jumped 23% from March to hit the highest monthly prepayment rate in 16 years
Black Knight, Inc. (NYSE:BKI) reports the following “first look” at April 2020 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): 6.45%
Month-over-month change: 90.22%
Year-over-year change: 85.82%
Total U.S. foreclosure pre-sale inventory rate: 0.40%
Month-over-month change: -3.81%
Year-over-year change: -19.29%
Total U.S. foreclosure starts: 7,400
Month-over-month change: -73.19%
Year-over-year change: -82.13%
Monthly prepayment rate (SMM): 2.33%
Month-over-month change: 23.11%
Year-over-year change: 135.91%
Foreclosure sales as % of 90+: 0.11%
Month-over-month change: -89.56%
Year-over-year change: -93.47%
Number of properties that are 30 or more days past due, but not in foreclosure: 3,400,000
Month-over-month change: 1,608,000
Year-over-year change: 1,588,000
Number of properties that are 90 or more days past due, but not in foreclosure: 462,000
Month-over-month change: 56,000
Year-over-year change: -12,000
Number of properties in foreclosure pre-sale inventory: 211,000
Month-over-month change: -9,000
Year-over-year change: -48,000
Number of properties that are 30 or more days past due or in foreclosure: 3,612,000
Month-over-month change: 1,599,000
Year-over-year change: 1,540,000
Top 5 States by Non-Current* Percentage
Mississippi: 11.90%
Louisiana: 10.91%
New York: 9.79%
New Jersey: 9.36%
Connecticut: 8.94%
Bottom 5 States by Non-Current* Percentage
Oregon: 4.05%
South Dakota: 3.97%
North Dakota: 3.92%
Washington: 3.91%
Idaho: 3.53%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 2.71%
Louisiana: 1.83%
Alabama: 1.74%
Arkansas: 1.52%
Georgia: 1.27%
Top 5 States by 6-Month Improvement in Non-Current* Percentage
Arkansas: 13.73%
West Virginia: 16.70%
Mississippi: 16.93%
Iowa: 18.28%
Indiana: 20.75%
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Alaska: 187.96%
California: 185.64%
Nevada: 182.04%
Colorado: 141.83%
Hawaii: 126.53%
*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 thousands, 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 June 8, 2020.
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.
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Michelle Kersch | Mitch Cohen |
Black Knight, Inc. | Black Knight, Inc. |
904.854.5043 | 704.890.8158 |
SOURCE Black Knight, Inc.
