• The national mortgage delinquency rate increased 7 basis points in February to 3.45%, but remains down 12.6% year over year
• Prepayment activity (SMM) inched up to 0.35% – breaking a four-month streak of record lows, with relief likely to extend as the spring homebuying season takes hold
• A 36K rise in overall delinquencies was driven by a nearly 65K increase in those just a single payment behind, while 60-day delinquencies fell by nearly 12K (-4.0%) and 90-day delinquencies fell by 17K (-3.0%)
…
• Foreclosure starts decreased by 9% in the month to 29K, breaking a streak of increases, with starts remaining 19% below pre-pandemic levels
…
• Active foreclosure inventory rose marginally (+2K) in the month, and is up 34K (+15%) from February 2022 despite remaining 15% below its pre-pandemic level• February saw 7.1K foreclosure sales (completions) nationally, up 2.5% from the month prior
emphasis added
According to Black Knight’s First Look report, the percent of loans delinquent increased 2.0% in February compared to January and decreased 13% year-over-year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.45% in February, up from 3.38% the previous month.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Feb 2023 |
Jan 2023 |
|||
| Delinquent | 3.45% | 3.38% | ||
| In Foreclosure | 0.46% | 0.45% | ||
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: |
1,811,000 | 1,775,000 | ||
| Number of properties in foreclosure pre-sale inventory: |
240,000 | 238,000 | ||
| Total Properties | 2,050,000 | 2,012,000 | ||