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Black Knight: Mortgage Delinquency Rate decreased in August

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From Black Knight: Black Knight: Mortgage Delinquencies Near Record Low in August; Foreclosure Starts Up 15% from July, Still More Than 40% Below Pre-Pandemic Levels
• The national delinquency rate fell 3.6% in August to 2.79%, just 4 basis points above May 2022’s record low

• Improvement was broad-based, with the number of borrowers a single payment past due falling by 4% and those 90 or more days delinquent down 4.5%

• After dropping steadily over recent months, cure activity also improved in August, with 62K seriously delinquent loans curing to current status, up from 58K in July

• The month’s 20.3K foreclosure starts represent a 15% jump in activity from July, but remain 44% below August 2019 levels

• Likewise, starts were initiated on 3.4% of serious delinquencies; up slightly from July but still less than half the rate seen in the years leading up to the pandemic

• Prepays (SMM) edged up 1.5% for the month, due to calendar-related effects, but are still down by 69% year-over-year as rising rates continue to put downward pressure on both purchase and refinance lending
emphasis addedAccording to Black Knight’s First Look report, the percent of loans delinquent decreased 3.6% in August compared to July and decreased 30% year-over-year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.79% in August, down from 2.89% in July.

The percent of loans in the foreclosure process increased in August to 0.53%, from 0.52% in July. 
The number of delinquent properties, but not in foreclosure, is down 633,000 properties year-over-year, and the number of properties in the foreclosure process is up 43,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process  August 
2022July
2022August
2021August
2020Delinquent2.79%2.89%4.00%6.88%In Foreclosure0.53%0.52%0.27%0.35%Number of properties:Number of properties
that are delinquent,
but not in foreclosure:1,489,0001,543,0002,122,0003,679,000Number of properties
in foreclosure
pre-sale inventory:185,000184,000142,000187,000Total Properties1,674,0001,728,0002,264,0003,867,000

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