Black Knight: Another Record Low for Mortgage Delinquencies in May
• The national delinquency rate has fallen for the third consecutive month, hitting 3.36% in May, its lowest level since Black Knight began reporting the metric in January 2000According to Black Knight's First Look report for May, the percent of loans delinquent decreased 3.0% in May compared to April, and decreased 7.5% year-over-year.
• Both early-stage and serious delinquencies fell from April, as did loans in active foreclosure, bringing total non-current inventory – all loans past due, including foreclosures – to its lowest point since early 2005
• Foreclosure starts also fell month-over-month to 39,000, the fewest of any month in more than 18 years
• Prepayment activity jumped another 24% in May, more than doubling over the past four months to reach its highest level in more than two years
The percent of loans in the foreclosure process decreased 1.6% in May and were down 17.4% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.36% in May, down from 3.47% in April.
The percent of loans in the foreclosure process decreased in May to 0.49% from 0.50% in April.
The number of delinquent properties, but not in foreclosure, is down 107,000 properties year-over-year, and the number of properties in the foreclosure process is down 48,000 properties year-over-year.
Black Knight: Percent Loans Delinquent and in Foreclosure Process
Number of properties:
Number of properties that are delinquent, but not in foreclosure:
Number of properties in foreclosure pre-sale inventory: