Black Knight: January Delinquencies Down Sharply

Mike Sorohan msorohan@mba.org

February 23, 2018

Black Knight, Jacksonville, Fla., said mortgage delinquencies fell sharply in January, although they remain higher than a year ago.

The company's First Look Mortgage Monitor report said the mortgage delinquency rate (30 or more days past due but not in foreclosure) fell to 4.31 percent in January, down by 7.57 percent from December but up by 1.31 percent from a year ago.

The report said calendar-driven effects and fewer hurricane-related delinquencies resulted in a 210,000-loan decline in the number of past-due mortgages. Black Knight said 146,000 loans remain delinquent as a result of Hurricanes Harvey and Irma, 132,000 of which are seriously delinquent (90 or more days past due). In Puerto Rico, an additional 57,000 loans remain delinquent as a result of Hurricane Maria, with 49,000 seriously delinquent.

Black Knight said foreclosure starts jumped by 40 percent in January to 62.300 but were still down by nearly 12 percent from a year ago. The total U.S. foreclosure inventory rose to 0.66 percent, up by nearly 2 percent from December but down by more than 30 percent from a year ago.

"Active foreclosures predating the hurricanes, but put on hold after the storms, have begun to revert back to that status as post-hurricane foreclosure moratoria become set to expire," the report said. "The population of loans in active foreclosure rose 6,000 month-over-month, marking only the second monthly rise in more than five years."

Other report data:

--The monthly prepayment rate fell to 0.79 percent, down by nearly 15 percent from December and by nearly 17 percent from a year ago.

--Properties 30 or more days past due, but not in foreclosure: 2.202 million, down by 210,000 from December but up by 40,000 from a year ago.

--Properties 90 or more days past due, but not in foreclosure: 707,000, a decline of 19,000 from December but an increase of 43,000 from a year ago.

--Properties in foreclosure pre-sale inventory: 337,000, an increase of 6,000 from December but down by 144,000 from a year ago.

--Properties 30 or more days past due or in foreclosure: 2.539 million, down by 204,000 from December and by 104,000 from a year ago.

--States with the highest non-current percentage: Mississippi, Louisiana, Florida, Alabama and West Virginia.

--States with the lowest non-current percentage: Colorado, North Dakota, Oregon, Washington and Idaho.

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