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Black Knight: “Mortgage Delinquencies Hit Record Low in March”


From Black Knight: Black Knight’s First Look: Mortgage Delinquencies Hit Record Low in March, While Prepayments Rose on Easing Rates and Seasonal Tailwinds
• The national delinquency rate dropped 53 basis points (-15%) in March, falling below 3% for the first time on record, ending the month at just 2.92%

• While delinquency rates almost always fall in March – as borrowers utilize tax refunds and other seasonal revenues to pay down past-due debt – the drop marked the second largest decline in the past 17 years

• Factoring in March’s decline, the total number of past-due mortgages (including active foreclosures) has fallen to its lowest level in nearly 23 years, dating all the way back to April 2000

• Serious delinquencies (90+ days past due) showed marked improvement, falling by 51K to their lowest level since March 2020, with volumes shrinking in every state

• Likewise, every state saw overall delinquencies fall in March, with improvements ranging from 11.9% in Washington to 21.5% in Vermont

• Both foreclosure starts (+9.0%) and sales (+4.6%) rose in the month but still remain well below pre-pandemic volumes at the national level

• Active foreclosure inventory held steady, but remains 31K (12%) below March 2020 levels

• The prepayment rate (SMM) rose to 0.50% (+44% month over month) driven, as anticipated, by seasonal tailwinds in sale-related prepayments and an increased demand for refis due to falling rates

emphasis added
According to Black Knight’s First Look report, the percent of loans delinquent decreased 15% in March compared to February and decreased 13% year-over-year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.92% in March, down from 3.45% the previous month.

The percent of loans in the foreclosure process was essentially unchanged in March at 0.46%, from 0.46% the previous month. 
The number of delinquent properties, but not in foreclosure, is down 209,000 properties year-over-year, and the number of properties in the foreclosure process is up 31,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
In Foreclosure0.46%0.46%
Number of properties:
Number of properties
that are delinquent,
but not in foreclosure:1,539,0001,811,000
Number of properties
in foreclosure
pre-sale inventory:240,000240,000
Total Properties1,779,0002,050,000

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