Black Knight’s First Look at December 2017 Mortgage Data: 90-Day Delinquencies Jump Again as Hurricane Fallout Continues
JACKSONVILLE, Fla., Jan. 23, 2018 (GLOBE NEWSWIRE) --
- An additional 60,000 mortgages became 90 days delinquent in December, driven by both continued hurricane-related fallout as well as upward seasonal and calendar-related pressures
- There are now 142,700 90+ days delinquent loans attributed to Hurricanes Harvey and Irma, representing 20 percent of all severely delinquent loans nationwide
- 102,500 severely delinquent loans in affected areas of Florida and Georgia can be attributed to Hurricane Irma, while another 40,200 are the result of Hurricane Harvey in southeastern Texas
- Florida has now overtaken Mississippi as the state with the largest share of severely delinquent mortgages
- The overall delinquency rate (representing loans 30 or more days past due, but not yet in active foreclosure) also rose another 3.47 percent to its highest level since early 2016
- December’s 6.54 percent year-over-year rise marked the fourth consecutive month of annual increases to the national delinquency rate
- Despite the rise in 90-day delinquencies, foreclosure starts hit a post-recession low in December at 44,500
- The inventory of loans in active foreclosure continues to improve, falling 152,000 from last year for a 32 percent annual decline
Black Knight, Inc. (NYSE:BKI) reports the following “first look” at December 2017 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): 4.71%
Month-over-month change: 3.47 %
Year-over-year change: 6.54%
Total U.S. foreclosure pre-sale inventory rate: 0.65%
Month-over-month change: -2.22%
Year-over-year change: -31.92%
Total U.S. foreclosure starts: 44,500
Month-over-month change: -6.90%
Year-over-year change: -25.46%
Monthly Prepayment Rate (SMM): 0.93%
Month-over-month change: -5.57%
Year-over-year change: -31.53%
Foreclosure Sales as % of 90+: 1.23%
Month-over-month change: -23.03%
Year-over-year change: -30.96%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,412,000
Month-over-month change: 88,000
Year-over-year change: 164,000
Number of properties that are 90 or more days past due, but not in foreclosure: 726,000
Month-over-month change: 60,000
Year-over-year change: 44,000
Number of properties in foreclosure pre-sale inventory: 331,000
Month-over-month change: -6,000
Year-over-year change: -152,000
Number of properties that are 30 or more days past due or in foreclosure: 2,743,000
Month-over-month change: 82,000
Year-over-year change: 12,000
Top 5 States by Non-Current* Percentage
| Mississippi: | 11.32 | % |
| Louisiana: | 9.79 | % |
| Florida: | 9.26 | % |
| Alabama: | 7.83 | % |
| West Virginia: | 7.79 | % |
Bottom 5 States by Non-Current* Percentage
| Idaho: | 2.81 | % |
| Washington: | 2.74 | % |
| Oregon: | 2.59 | % |
| North Dakota: | 2.52 | % |
| Colorado: | 2.24 | % |
Top 5 States by 90+ Days Delinquent Percentage
| Florida: | 4.14 | % |
| Mississippi: | 3.36 | % |
| Louisiana: | 2.69 | % |
| Texas: | 2.40 | % |
| Alabama: | 2.15 | % |
Top 5 States by 6-Month Improvement in Non-Current* Percentage
| New Jersey: | -2.40 | % |
| District of Columbia: | -2.37 | % |
| Oregon: | -1.25 | % |
| Washington: | 0.59 | % |
| Hawaii: | 1.65 | % |
Top 5 States by 6-Month Deterioration in Non-Current* Percentage
| Florida: | 79.99 | % |
| Texas: | 33.93 | % |
| Michigan: | 17.53 | % |
| Arizona: | 16.65 | % |
| Minnesota: | 15.94 | % |
*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, which are rounded to the nearest hundred.
For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom at
http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/20180123.aspx
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 http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx by Feb. 5, 2018.
For more information about gaining access to Black Knight’s loan-level database, please send an email to dataanalyticsinfo@bkfs.com.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
For more information:
Michelle Kersch
904.854.5043
michelle.kersch@bkfs.com
Mitch Cohen
704.890.8158
mitch.cohen@bkfs.com
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