- Prepayments fell 16.5% to a single-month mortality (SMM) rate
of 0.48%, well below the previous record of 0.55% and the lowest
recorded since at least 2000 when Black Knight began reporting the
metric
- The national delinquency rate rose 4.5% in October to 2.91% –
up 12 basis points since September – driven by a sharp 9.4% rise in
30-day delinquencies
- Florida led the jump in new
early delinquencies (+19K) – with the
state delinquency rate rising 53 basis points to 3.42% -- giving an
initial indication of Hurricane Ian impact
- Loans 60 days past due ticked up 2.9% nationally, while those
90 or more days delinquent saw continued – if modest – improvement,
inching down another 1.5% in October
- October's 19.6K foreclosure
starts represented a 7% increase that partly reversed September's
decline, but are still 55% below pre-pandemic levels
- Foreclosure starts were initiated on 4% of existing serious
delinquencies in October, up slightly from September but still less
than half the rate seen in the years leading up to the pandemic
- Active foreclosure inventory held steady as volumes have
remained subdued in 2022 due to still historically low foreclosure
start levels
JACKSONVILLE, Fla., Nov. 22,
2022 /PRNewswire/ -- Black Knight,
Inc. (NYSE:BKI) reports the following "first look" at
October 2022 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): 2.91%
Month-over-month change: 4.45%
Year-over-year change: -22.32%
Total U.S. foreclosure pre-sale inventory rate: 0.35%
Month-over-month change: 0.42%
Year-over-year change: 33.22%
Total U.S. foreclosure starts:
19,600
Month-over-month change: 6.52%
Year-over-year change: 390.00%
Monthly prepayment rate (SMM): 0.48%
Month-over-month change: -16.48%
Year-over-year change: -75.47%
Foreclosure sales as % of 90+: 0.59%
Month-over-month change: -1.47%
Year-over-year change: 117.07%
Number of properties that are 30 or more days past due, but not
in foreclosure: 1,557,000
Month-over-month change: 66,000
Year-over-year change: -429,000
Number of properties that are 90 or more days past due, but not
in foreclosure: 551,000
Month-over-month change: -7,000
Year-over-year change: -555,000
Number of properties in foreclosure pre-sale inventory:
186,000
Month-over-month change: 1,000
Year-over-year change: 48,000
Number of properties that are 30 or more days past due or in
foreclosure: 1,743,000
Month-over-month change: 66,000
Year-over-year change: -382,000
Top 5 States by Non-Current*
Percentage
Mississippi:
6.50%
Louisiana:
5.75%
Oklahoma:
4.88%
Alabama:
4.64%
West Virginia:
4.47%
Bottom 5 States by Non-Current*
Percentage
Colorado:
2.05%
Oregon:
1.99%
California:
1.84%
Idaho:
1.74%
Washington:
1.67%
Top 5 States by 90+ Days Delinquent
Percentage
Mississippi:
2.38%
Louisiana:
1.90%
Alabama:
1.66%
Oklahoma:
1.55%
Arkansas:
1.54%
Top 5 States by 6-Month Change in Non-Current*
Percentage
Alaska:
-23.82%
Hawaii:
-20.35%
New York:
-14.00%
North Dakota:
-10.47%
New Jersey:
-3.13%
Bottom 5 States by 6-Month Change in Non-Current*
Percentage
Iowa:
22.96%
Florida:
16.80%
Colorado:
15.91%
South Dakota:
13.12%
Arizona:
12.43%
*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. 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 Dec. 5, 2022. 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 serve 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.