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Black Knight: Mortgage delinquencies lowest since 2007

Non-current inventory falls below 3M mortgages

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The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services.

According to Black Knight’s “First Look” at February’s data, the delinquency rate went down 13% month-over-month and down nearly 16% year-over-year.

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Black Knight Financial Services - February

(Source: Black Knight)

Prepayments rates however increased 10% from January’s 24-month low, which according to Black Knight it’s a “historically good indicator of refinance activity.”

Foreclosure sales saw a decrease at 14% month-to-month and a 15% increase year-over-year. There was a rise in foreclosure starts in New York, New Jersey and Massachusetts.

For the first time in eight years, the total non-current inventory fell below 3 million, the pre-sale inventory rate went down 0.64% month-to-month and decreased to 25% year-over-year.  

On a state-by-state basis, the top five states in terms of percentage of foreclosures and delinquencies among active loans in the state are:

Mississippi: 11.43%

New Jersey: 9.72%

Louisiana: 9.42%

New York: 8.36%

Maine: 8.19%

The bottom five state in terms of percentage of foreclosures and delinquencies among active loans in the state are:

Alaska: 3.04%

South Dakota: 2.98%

Minnesota: 2.91%

Colorado: 2.81%

North Dakota: 2.17%

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