• January performance data showed a slight decrease (-10 basis points) in the national delinquency rate month-over-month, which is now down 15.1% year over year
• Foreclosure starts saw a fourth straight increase, but remain 37% below pre-pandemic levels; active foreclosures are up 20% since January 2022, but they too remain nearly 20% below pre-pandemic levels
• As purchase and refinance lending continue to face interest rate headwinds, prepayment activity hit yet another record low in January, dating back to at least 2000 when Black Knight began reporting the metric
emphasis added
According to Black Knight’s First Look report, the percent of loans delinquent decreased 2.3% in January compared to December and decreased 15% year-over-year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.38% in January, down from 3.48% in December.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Jan 2023 |
Dec 2022 |
Jan 2022 |
Jan 2021 |
|
| Delinquent | 3.38% | 3.48% | 3.98% | 7.08% |
| In Foreclosure | 0.45% | 0.44% | 0.37% | 0.41% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: |
1,775,000 | 1,827,000 | 2,063,000 | 3,701,000 |
| Number of properties in foreclosure pre-sale inventory: |
238,000 | 232,000 | 190,000 | 212,000 |
| Total Properties | 2,012,000 | 2,058,000 | 2,254,000 | 3,913,000 |