- Nationally, the number of non-current mortgages (those at least 30 days past-due or in active foreclosure) jumped by 214,000 (+9 percent), driven primarily by fallout from Hurricanes Harvey and Irma
- FEMA-declared hurricane disaster areas accounted for the bulk of the increases; non-current inventory rose by 84,000 (+48 percent) in Irma disaster areas and 52,000 (+67 percent) in those related to Harvey
- Prior to the hurricanes, Texas and Florida ranked 20th and 22nd among states by non-current mortgage rates; after the storms, they now rank 3rd and 5th respectively
- Primarily as a result of hurricane impact, September saw the first annual rise in mortgage delinquencies (borrowers at least 30 days past-due but not yet in active foreclosure) since July 2010
- Monthly foreclosure starts were at their lowest in more than 17 years, with starts down as much as 90 percent in areas covered by post-hurricane foreclosure action moratoria
JACKSONVILLE, Fla., Oct. 19, 2017 (GLOBE NEWSWIRE) -- The Data & Analytics division of Black Knight, Inc. (NYSE:BKI) reports the following “first look” at September 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): 4.40%
Month-over-month change: 11.85%
Year-over-year change: 2.96%
Total U.S. foreclosure pre-sale inventory rate: 0.70%
Month-over-month change: -7.17%
Year-over-year change: -30.08%
Total U.S. foreclosure starts: 45,200
Month-over-month change: -17.37%
Year-over-year change: -26.74%
Monthly Prepayment Rate (SMM): 0.96%
Month-over-month change: -15.13%
Year-over-year change: -37.76%
Foreclosure Sales as % of 90+: 1.75%
Month-over-month change: -17.39%
Year-over-year change: -13.72%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,245,000
Month-over-month change: 242,000
Year-over-year change: 80,000
Number of properties that are 90 or more days past due, but not in foreclosure: 576,000
Month-over-month change: 19,000
Year-over-year change: -92,000
Number of properties in foreclosure pre-sale inventory: 358,000
Month-over-month change: -27,000
Year-over-year change: -151,000
Number of properties that are 30 or more days past due or in foreclosure: 2,603,000
Month-over-month change: 214,000
Year-over-year change: -71,000
| Top 5 States by Non-Current* Percentage | ||||||
| Mississippi: | 10.81% | |||||
| Louisiana: | 9.48% | |||||
| Florida: | 7.67% | |||||
| Alabama: | 7.53% | |||||
| Texas: | 7.30% | |||||
| Bottom 5 States by Non-Current* Percentage | ||||||
| Washington: | 2.75% | |||||
| Minnesota: | 2.65% | |||||
| Oregon: | 2.58% | |||||
| North Dakota: | 2.46% | |||||
| Colorado: | 2.19% | |||||
| Top 5 States by 90+ Days Delinquent Percentage | ||||||
| Mississippi: | 3.15% | |||||
| Louisiana: | 2.58% | |||||
| Alabama: | 2.10% | |||||
| Arkansas: | 1.86% | |||||
| Tennessee: | 1.66% | |||||
| Top 5 States by 6-Month Improvement in Non-Current* Percentage | ||||||
| Oregon: | -5.13% | |||||
| Hawaii: | -4.24% | |||||
| New Jersey: | -3.96% | |||||
| District of Columbia: | -3.28% | |||||
| Maine: | -0.20% | |||||
| Top 5 States by 6-Month Deterioration in Non-Current* Percentage | ||||||
| Florida: | 46.68% | |||||
| Texas: | 43.95% | |||||
| Nebraska: | 18.10% | |||||
| Michigan: | 17.72% | |||||
| North Dakota: | 17.34% | |||||
*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/20171019.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 Nov. 6, 2017.
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 is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
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
646.926.7741
mitch@mprg.com