• National delinquency rate fell 8 percent in March; at 4.08 percent, it is at its lowest point since March 2007According to Black Knight's First Look report for March, the percent of loans delinquent decreased 8.4% in March compared to February, and declined 12.4% year-over-year.
• At just under 2 percent, the rate of 30-day delinquencies is at lowest level in over 15 years
• Spurred by declining interest rates, prepayment speeds (historically a good indicator of refinance activity) were up 46 percent from one month ago
• Foreclosure starts were down 14 percent from February; still driven primarily by repeat foreclosure activity
The percent of loans in the foreclosure process declined 3.7% in March and were down 25.6% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.08% in March, down from 4.48% in February. This is the lowest delinquency rate since March 2007.
The percent of loans in the foreclosure process declined in March to 1.25%.
The number of delinquent properties, but not in foreclosure, is down 287,000 properties year-over-year, and the number of properties in the foreclosure process is down 215,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for March in early May.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Mar 2016 |
Feb 2016 |
Mar 2015 |
Mar 2014 |
|
| Delinquent | 4.08% | 4.45% | 4.66% | 5.49% |
| In Foreclosure | 1.25% | 1.30% | 1.68% | 2.21% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: | 2,062,000 | 2,252,000 | 2,349,000 | 2,766,000 |
| Number of properties in foreclosure pre-sale inventory: | 631,000 | 655,000 | 846,000 | 1,112,000 |
| Total Properties | 2,693,000 | 2,907,000 | 3,195,000 | 3,878,000 |
from
http://feedproxy.google.com/~r/CalculatedRisk/~3/5eCauMvUm70/black-knights-first-look-at-march.html
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