- Reversing much pf April's calendar-driven spike, the national
delinquency rate fell 11 basis points (bps) in May to hit 3.10% –
the lowest it's been other than March 2023's record of 2.92%
- The number of borrowers a single payment past due improved by
94K (-9.5%), erasing nearly half of
the prior month's increase
- Serious delinquencies (loans 90 or more days past due)
continued to improve nationally – falling by 18K (-3.7%) from April, putting the population of
such loans down more than 200K
(nearly 30%) since May 2022
- Though foreclosure starts increased to 25.4K for the month (+2.2%), they remain near
April's 6-month low and 41% % below the same period in 2019, the
last comparable May before the pandemic
- Foreclosure actions were started on 5.1% of serious
delinquencies in May, up only marginally from April and still more
than a full percentage point below the March
2020 rate at the start of the pandemic
- The number of loans in active foreclosure improved by
4K in the month and is now down
41K (-15%) from March 2020, with foreclosure sales (completions)
rising 5.5% from April to 6.8K
- Prepayment activity rose to a 0.54% single-month mortality
(SMM) rate – the highest level seen since September 2022, despite interest rates in the
6.7% range – but is still down 40% from May of 2022
JACKSONVILLE, Fla., June 23,
2023 /PRNewswire/ -- Black Knight,
Inc. (NYSE:BKI) reports the following "first look" at
May 2023 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): 3.10%
Month-over-month change: -6.25%
Year-over-year change: -2.62%
Total U.S. foreclosure pre-sale inventory rate: 0.43%
Month-over-month change: -2.03%
Year-over-year change: 2.02%
Total U.S. foreclosure starts:
25,400
Month-over-month change 2.16%
Year-over-year change: -4.39%
Monthly prepayment rate (SMM): 0.54%
Month-over-month change: 23.12%
Year-over-year change: -40.11%
Foreclosure sales: 6,800
Month-over-month change: 5.50%
Year-over-year change: 18.95%
Number of properties that are 30 or more days past due, but not
in foreclosure: 1,639,000
Month-over-month change: -107,000
Year-over-year change: -20,000
Number of properties that are 90 or more days past due, but not
in foreclosure: 483,000
Month-over-month change: -18,000
Year-over-year change: -203,000
Number of properties in foreclosure pre-sale inventory:
229,000
Month-over-month change: -4,000
Year-over-year change: 8,000
Number of properties that are 30 or more days past due or in
foreclosure: 1,868,000
Month-over-month change: -112,000
Year-over-year change: -13,000
Top 5 States by Non-Current*
Percentage
Mississippi:
7.34%
Louisiana:
6.78%
Alabama:
5.33%
West Virginia
4.87%
Pennsylvania:
4.84%
Bottom 5 States by Non-Current*
Percentage
Oregon:
2.09%
Montana:
2.02%
Idaho:
2.01%
Colorado:
1.96%
Washington:
1.92%
Top 5 States by 90+ Days Delinquent
Percentage
Mississippi:
2.21%
Louisiana:
1.81%
Alabama:
1.55%
Arkansas:
1.34%
Georgia:
1.23%
Top 5 States by 12-Month Change in Non-Current*
Percentage
Alaska:
-24.21%
Connecticut:
-15.19%
Vermont:
-12.33%
New
York:
-11.87%
North Dakota:
-10.76%
Bottom 5 States by 12-Month Change in Non-Current*
Percentage
Idaho:
14.44%
Utah:
6.09%
Arizona
5.84%
Michigan:
5.62%
Georgia:
3.35%
*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 and sales, which are rounded to the
nearest hundred.
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
July 10, 2023.
For more information about gaining access to Black Knight's
loan-level database, please send an email to
Mortgage.Monitor@bkfs.com.
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 serving their
customers. For more information on Black Knight, please visit
www.blackknightinc.com/.
For more
information:
|
|
Michelle Kersch
|
Mitch
Cohen
|
904.854.5043
|
704.890.8158
|
michelle.kersch@bkfs.com
|
mitch.cohen@bkfs.com
|
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SOURCE Black Knight, Inc.