A Closer Look At Last Month’s Trends

The Data & Analytics division of Black Knight Financial Services, Inc. reports the following “first look” at July 2016 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): 4.51%
Month-over-month change: 4.78%
Year-over-year change: -3.38%

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Total U.S. foreclosure pre-sale inventory rate: 1.09%
Month-over-month change: -1.68%
Year-over-year change: -28.36%

Total U.S. foreclosure starts: 61,300
Month-over-month change: -11.54%
Year-over-year change: -14.27%

Monthly Prepayment Rate (SMM): 1.26%
Month-over-month change: -11.98%
Year-over-year change: -1.00%

Foreclosure Sales as % of 90+: 1.99%
Month-over-month change: -13.65%
Year-over-year change: 1.05%

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Number of properties that are 30 or more days past due, but not in foreclosure: 2,286,000
Month-over-month change: 108,000
Year-over-year change: -70,000

Number of properties that are 90 or more days past due, but not in foreclosure: 695,000
Month-over-month change: 3,000
Year-over-year change: -147,000

Number of properties in foreclosure pre-sale inventory: 550,000
Month-over-month change: -8,000
Year-over-year change: -214,000

Number of properties that are 30 or more days past due or in foreclosure: 2,836,000
Month-over-month change: 100,000
Year-over-year change: -284,000

Top 5 States by Non-Current* Percentage 
Mississippi:      11.67%
Louisiana:        9.63%
New Jersey:      8.95%
West Virginia:  8.34%
Alabama:         8.21%

Bottom 5 States by Non-Current* Percentage 
South Dakota: 3.13%
Montana:         3.13%
Minnesota:       2.92%
Colorado:         2.71%
North Dakota: 2.56%

Top 5 States by 90+ Days Delinquent Percentage 
Mississippi:      3.56%
Louisiana:        2.69%
Alabama:         2.45%
Arkansas:         2.06%
Tennessee:       2.04%

Top 5 States by 6-Month Improvement in Non-Current* Percentage
Nevada:           -17.28%
Nebraska:         -15.41%
Florida:              -15.33%
Washington:     -15.13%
Oregon:           -14.91%

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
North Dakota:  6.21%
Alaska:             4.72%
Wyoming:        2.27%
Louisiana:        -8.21%
Vermont:         -9.23%

*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 Financial Services’ 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 at http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20160822.aspx.

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 http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx  by Sept. 6, 2016.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.