Black Knight's First Look: Foreclosure Starts Pull Back in July, Holding Well Below Pre-Pandemic Levels, While Early-Stage Delinquencies Edge Slightly Higher

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JACKSONVILLE, Fla., Aug. 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at July 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.         

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Provider: 
PR NewswirePR Newswire
Retrieved on: 
Wednesday, August 24, 2022
Information
Tags: 
NYSE, Sale, BKI, Black knight, Real estate, Commercial property
Geotags: 
FLORIDA
Organisation: 
BLACK KNIGHT, INC.
Stock Symbol: 
NYSE:BKI
Summary
Key Points: 
  • - Serious delinquencies loans 90 or more days past due, but not yet in active foreclosure pulled back in July after worsening for the first time in 22 months in June
    - The number of seriously delinquent loans curing to current has dropped steadily over recent months, from 104K in March to 58K in July, indicating that the easiest workouts have likely been completed
    - Though still up from record lows that came from widespread moratoriums and forbearance protections last year, the number of loans in active foreclosure declined slightly by 6K in July
    JACKSONVILLE, Fla., Aug. 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at July 2022 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): 2.89%
    Number of properties that are 30 or more days past due, but not in foreclosure: 1,543,000
    Number of properties that are 90 or more days past due, but not in foreclosure: 594,000
    Number of properties in foreclosure pre-sale inventory: 184,000
    Number of properties that are 30 or more days past due or in foreclosure: 1,728,000


Black Knight's First Look: Foreclosure Starts Pull Back in July, Holding Well Below Pre-Pandemic Levels, While Early-Stage Delinquencies Edge Slightly Higher

-  The national delinquency rate edged up to 2.89% in July – driven by a 4% increase in early-stage delinquencies – but remains just 14 basis points higher than the record low set in May of this year
- Serious delinquencies – loans 90 or more days past due, but not yet in active foreclosure – pulled back in July after worsening for the first time in 22 months in June
-   The number of seriously delinquent loans curing to current has dropped steadily over recent months, from 104K in March to 58K in July, indicating that the easiest workouts have likely been completed
-  Foreclosure starts retreated 25% from June for a total of 17.7K starts – some 55% below pre-pandemic levels for the month of July – equating to just 3% of 90+ day past-due loans
- Though still up from record lows that came from widespread moratoriums and forbearance protections last year, the number of loans in active foreclosure declined slightly by 6K in July
-  Prepayment activity dropped by another 18% in July and is now down by 67% from the same time last year as rising rates put downward pressure on both purchase and refinance lending

JACKSONVILLE, Fla., Aug. 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at July 2022 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): 2.89%
Month-over-month change: 1.98%
Year-over-year change: -30.17%

Total U.S. foreclosure pre-sale inventory rate: 0.35%
Month-over-month change: -2.95%
Year-over-year change: 31.47%

Total U.S. foreclosure starts: 17,700        
Month-over-month change: -25.63%
Year-over-year change: 321.43%

Monthly prepayment rate (SMM): 0.66%
Month-over-month change: -18.37%
Year-over-year change: -67.35%

Foreclosure sales as % of 90+: 0.52%
Month-over-month change: -1.35%
Year-over-year change: 200.75%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,543,000
Month-over-month change: 32,000
Year-over-year change: -663,000

Number of properties that are 90 or more days past due, but not in foreclosure: 594,000
Month-over-month change: -5,000
Year-over-year change: -853,000

Number of properties in foreclosure pre-sale inventory: 184,000
Month-over-month change: -6,000
Year-over-year change: 44,000

Number of properties that are 30 or more days past due or in foreclosure: 1,728,000
Month-over-month change: 28,000
Year-over-year change: -618,000

 

Top 5 States by Non-Current* Percentage


Mississippi:         

6.44 %

Louisiana:         

5.75 %

Oklahoma:             

4.89 %

Alabama:               

4.88 %

West Virginia:         

4.74 %


Bottom 5 States by Non-Current* Percentage


Oregon:             

2.02 %

Colorado:               

1.90 %

California:                   

1.83 %

Idaho:         

1.74 %

Washington:       

1.71 %


Top 5 States by 90+ Days Delinquent Percentage


Mississippi:         

2.43 %

Louisiana:               

2.08 %

Alabama:               

1.79 %

Alaska:             

1.70 %

Maryland:         

1.57 %


Top 5 States by 6-Month Change in Non-Current* Percentage

Hawaii:                 

-27.37 %

Vermont:         

-18.56 %

New York:               

-18.14 %

Nevada:                 

-17.11 %

Louisiana:               

-16.39 %


Bottom 5 States by 6-Month Change in Non-Current* Percentage


Iowa:                 

0.66 %

Kansas:           

-1.16 %

Oklahoma:           

-2.75 %

North Dakota:       

-2.94 %

Alaska:                 

-3.83 %

*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 by Sept. 7, 2022. For more information about gaining access to Black Knight's 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 and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

For more information:


Michelle Kersch                                             

Mitch Cohen     

904.854.5043                                                   

704.890.8158

[email protected]

[email protected]

 

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SOURCE Black Knight, Inc.

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