• Monthly prepayment rate (historically a good indicator of refinance activity) increased by 32 percent month-over-monthNote: the "spike" in delinquencies in July was seasonal.
• August’s prepayment rate of 1.67 percent is the highest Single Month Mortality (SMM) rate in over three years
• Delinquencies fully recovered from July’s spike, falling 6 percent (-135,000) from one month ago
• Inventory of loans in foreclosure has now declined for 19 consecutive months -- and 51 of the past 52 months
According to Black Knight's First Look report for August, the percent of loans delinquent decreased 6.0% in August compared to July, and declined 11.4% year-over-year.
The percent of loans in the foreclosure process declined 4.3% in August and were down 29.9% 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 4.24% in August, down from 4.51% in July.
The percent of loans in the foreclosure process declined in August to 1.04%.
The number of delinquent properties, but not in foreclosure, is down 262,000 properties year-over-year, and the number of properties in the foreclosure process is down 221,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for August on October 3rd.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Aug 2016 |
July 2016 |
Aug 2015 |
Aug 2014 |
|
| Delinquent | 4.24% | 4.51% | 4.87% | 5.93% |
| In Foreclosure | 1.04% | 1.09% | 1.48% | 1.92% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: | 2,151,000 | 2,286,000 | 2,413,000 | 2,985,000 |
| Number of properties in foreclosure pre-sale inventory: | 527,000 | 550,000 | 748,000 | 970,000 |
| Total Properties | 2,678,000 | 2,836,000 | 3,161,000 | 3,955,000 |
from
http://feedproxy.google.com/~r/CalculatedRisk/~3/Z3QuzMxboAc/black-knight-mortgage-delinquencies.html
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