Black Knight Inc.
10/22/2021 | Press release | Distributed by Public on 10/22/2021 07:05
Black Knight: Foreclosure Starts Reverse Course in September, Pulling Back Despite Moratoria Expiration; Delinquency Rate Falls Below 4% for First Time Since Start of Pandemic
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Black Knight: Foreclosure Starts Reverse Course in September, Pulling Back Despite Moratoria Expiration; Delinquency Rate Falls Below 4% for First Time Since Start of Pandemic
10/22/2021
- The national delinquency rate fell to 3.91% in September - the first time it's been below 4% in 18 months - marking a 2.3% decline from August and 41.3% from the same time last year
- What would have been stronger improvement was partially offset by delinquencies rising by 7,800 in FEMA-declared disaster areas in hurricane-impacted Louisiana and by 11,000 in the state as a whole
- Foreclosure starts also dipped in September after seeing a noticeable rise in August in the wake of the federal foreclosure moratoria expiration
- September's 3,900 foreclosure starts was the third lowest monthly total on record and within 6% of the record low set back in April of this year
- Likewise, the number of active foreclosures fell in September as well, hitting yet another all-time low
- With nearly 400,000 mortgage holders having exited forbearance plans in just the first two weeks of October alone, it will be essential to track foreclosure metrics closely in the coming months
- Some 1.2 million homeowners remain 90 or more days past due on their mortgages but are not yet in foreclosure, including those who are still in active forbearance plans
- What would have been stronger improvement was partially offset by delinquencies rising by 7,800 in FEMA-declared disaster areas in hurricane-impacted Louisiana and by 11,000 in the state as a whole
- Foreclosure starts also dipped in September after seeing a noticeable rise in August in the wake of the federal foreclosure moratoria expiration
- September's 3,900 foreclosure starts was the third lowest monthly total on record and within 6% of the record low set back in April of this year
- Likewise, the number of active foreclosures fell in September as well, hitting yet another all-time low
- With nearly 400,000 mortgage holders having exited forbearance plans in just the first two weeks of October alone, it will be essential to track foreclosure metrics closely in the coming months
- Some 1.2 million homeowners remain 90 or more days past due on their mortgages but are not yet in foreclosure, including those who are still in active forbearance plans
JACKSONVILLE, Fla., Oct. 22, 2021 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at September 2021 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): 3.91%
Month-over-month change: -2.25%
Year-over-year change: -41.33%
Total U.S. foreclosure pre-sale inventory rate: 0.26%
Month-over-month change: -4.60%
Year-over-year change: -24.92%
Total U.S. foreclosure starts: 3,900
Month-over-month change: -45.07%
Year-over-year change: -13.33%
Monthly prepayment rate (SMM): 2.15%
Month-over-month change: -2.63%
Year-over-year change: -29.29%
Foreclosure sales as % of 90+: 0.30%
Month-over-month change: 52.87%
Year-over-year change: 293.08%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,068,000
Month-over-month change: -54,000
Year-over-year change: -1,474,000
Number of properties that are 90 or more days past due, but not in foreclosure: 1,233,000
Month-over-month change: -106,000
Year-over-year change: -1,090,000
Number of properties in foreclosure pre-sale inventory: 135,000
Month-over-month change: -7,000
Year-over-year change: -46,000
Number of properties that are 30 or more days past due or in foreclosure: 2,203,000
Month-over-month change: -61,000
Year-over-year change: -1,519,000
Top 5 States by Non-Current* Percentage
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Louisiana: |
8.93% |
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Mississippi: |
7.65% |
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West Virginia: |
5.78% |
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Oklahoma: |
5.76% |
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Alabama: |
5.57% |
Bottom 5 States by Non-Current* Percentage
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Montana: |
2.64% |
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Utah: |
2.50% |
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Washington: |
2.38% |
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Colorado: |
2.37% |
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Idaho: |
2.10% |
Top 5 States by 90+ Days Delinquent Percentage
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Mississippi: |
4.12% |
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Louisiana: |
3.95% |
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Alaska: |
3.29% |
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Maryland: |
3.28% |
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Oklahoma: |
3.06% |
Top 5 States by 6-Month Improvement in Non-Current* Percentage
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Nevada: |
-34.52% |
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Hawaii: |
-32.81% |
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California: |
-29.77% |
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Florida: |
-28.44% |
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Arizona: |
-27.19% |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
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Louisiana: |
6.42% |
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West Virginia: |
-10.84% |
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Iowa: |
-11.18% |
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Kentucky: |
-12.82% |
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Nebraska: |
-12.98% |
*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 Monday, Nov. 1, 2021.
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.
SOURCE: BLACK KNIGHT, INC.
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For more information: |
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Michelle Kersch |
Mitch Cohen |
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904.854.5043 |
704.890.8158 |
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