From Black Knight: Black Knight’s First Look: Hurricane Impact Lingers, Drives Up Foreclosure Starts as Moratoria Lift; National Delinquencies Fall to 12-Month Low
• Seasonal effects and continued hurricane-related improvements contributed to a 13 percent decline in the national delinquency rate in March
• Nationally, there was a decline of 65,000 in serious delinquencies (90 or more days past due but not yet in foreclosure)
• Serious delinquencies attributable to Hurricanes Harvey and Irma saw a reduction of 19,500 loans
• However, as the hurricane impact shifts away from delinquencies, foreclosure starts rose by 12 percent
• More than two-thirds of that increase came from hurricane-affected areas of Texas and Florida
• Overall, active foreclosure inventory continues to improve, falling another 10,000 loans in March to its lowest level since late 2006
• Despite interest rates remaining above 4.4 percent, prepayment activity in March increased by 22 percent from February’s 4-year low
According to Black Knight’s First Look report for March, the percent of loans delinquent decreased 13.2% in March compared to February, but increased 3.1% year-over-year.
The percent of loans in the foreclosure process decreased 3.2% in March and were down 29.3% 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 3.73% in March, down from 4.30% in February.
The percent of loans in the foreclosure process decreased in March to 0.63%.
The number of delinquent properties, but not in foreclosure, is up 81,000 properties year-over-year, and the number of properties in the foreclosure process is down 127,000 properties year-over-year.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Mar 2018 |
Feb 2018 |
Mar 2017 |
Mar 2016 |
|
| Delinquent | 3.73% | 4.30% | 3.62% | 4.08% |
| In Foreclosure | 0.63% | 0.65% | 0.88% | 1.25% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: | 1,912,000 | 2,198,000 | 1,831,000 | 2,062,000 |
| Number of properties in foreclosure pre-sale inventory: | 321,000 | 331,000 | 448,000 | 631,000 |
| Total Properties | 2,232,000 | 2,528,000 | 2,279,000 | 2,693,000 |