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Black Knight: Mortgage Delinquencies Decreased in January


by Calculated Risk on 2/24/2023 04:24:00 PM

From Black Knight: Black Knight’s First Look at January 2023 Mortgage Data: Expanded and Enhanced Market Data Shows Mortgage Delinquency Improvement Across the Board in January, Uptick in Foreclosure Starts

o January performance data showed a slight decrease (-10 basis points) in the national delinquency rate month-over-month, which is now down 15.1% year over year

o Foreclosure starts saw a fourth straight increase, but remain 37% below pre-pandemic levels; active foreclosures are up 20% since January 2022, but they too remain nearly 20% below pre-pandemic levels

o As purchase and refinance lending continue to face interest rate headwinds, prepayment activity hit yet another record low in January, dating back to at least 2000 when Black Knight began reporting the metric
emphasis added

According to Black Knight’s First Look report, the percent of loans delinquent decreased 2.3% in January compared to December and decreased 15% year-over-year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.38% in January, down from 3.48% in December.

The percent of loans in the foreclosure process increased slightly in December to 0.45%, from 0.44% in December.
The number of delinquent properties, but not in foreclosure, is down 289,000 properties year-over-year, and the number of properties in the foreclosure process is up 48,000 properties year-over-year.Black Knight: Percent Loans Delinquent and in Foreclosure ProcessJan
2021Delinquent3.38%3.48%3.98%7.08%In Foreclosure0.45%0.44%0.37%0.41%Number of properties:Number of propertiesthat are delinquent,but not in foreclosure:1,775,0001,827,0002,063,0003,701,000Number of propertiesin foreclosurepre-sale inventory:238,000232,000190,000212,000Total Properties2,012,0002,058,0002,254,0003,913,000

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