What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

Mortgage

Black Knight: Mortgage delinquencies see biggest annual drop since 2011

Delinquencies decline in every state

Though mortgage delinquencies rose about 2.5% month-over-month in August, the national delinquency rate saw the largest year-over-year decline since May 2011, down 18.2%, according to the latest report from Black Knight Financial Services.

In raw numbers, that amounts to about 42,000 newly delinquent borrowers in August, but total non-current inventory — everything 30 or more days past due or in foreclosure — is still down by 766,000 since last year.

The monthly prepayment rate, historically a good indicator of refinance activity, continued its decline, falling 15% from July, but still up about 11.5% from last summer.

Click to enlarge

(Source: Black Knight)

Due to an increase in repeat foreclosures, those who had been in active foreclosure, then shifted back out to either current or simply delinquent status, but who have now returned into foreclosure, Black Knight saw approximately 80,500 foreclosure starts in August, a nearly 7% increase from the month before.

At 696,000, the number of borrowers in active foreclosure is the lowest it’s been since November 2007.

Every one of the 50 states saw improvement in its non-current inventory over the past six months, from Wyoming's 0.7% improvement (which had a low non-current population to begin with) all the way to Florida's nearly 18% reduction.

Click to enlarge

(Source: Black Knight)

Mississippi still leads the nation in both total non-current inventory and the highest share of seriously delinquent loans (90+ days past due, but not yet in foreclosure), although even that state has seen significant year-over-year improvement.

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