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Black Knight's First Look: Past-Due Mortgages Increase by 1.6 Million in April, Largest Single-Month Increase Ever Recorded; Delinquency Rate Nearly Doubles

- 3.6 million homeowners were past due on their mortgages as of the end of April, the largest number since January 2015

- The number includes both homeowners past due on mortgage payments who are not in forbearance, as well as those in forbearance plans who did not make an April mortgage payment

- At 6.45%, the national delinquency rate nearly doubled (+3.06%) from March, the largest single-month increase ever recorded, and nearly three times the previous single-month record set back in late 2008

- Delinquency increases in Nevada (+5.2%), New Jersey (+5.1%), and New York (+4.9%) led the states, while Miami (+7.2%), Las Vegas (+6.2%) and New York City (+5.4%) topped the 100 largest metro areas

- There were declines in cure activity among later-stage delinquencies as well, with the number of seriously delinquent mortgages (90+ days) increasing by 56,000 (+14%) from March

- Both foreclosure starts and foreclosure sales hit record lows in April as moratoriums halted foreclosure activity across the country

- Prepayment speeds jumped 23% from March to hit the highest monthly prepayment rate in 16 years

JACKSONVILLE, Fla., May 21, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at April 2020 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Black Knight, Inc. Logo (PRNewsfoto/Black Knight, Inc.)

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 6.45%
Month-over-month change: 90.22%
Year-over-year change: 85.82%

Total U.S. foreclosure pre-sale inventory rate: 0.40%
Month-over-month change: -3.81%
Year-over-year change: -19.29%

Total U.S. foreclosure starts: 7,400
Month-over-month change: -73.19%
Year-over-year change: -82.13%

Monthly prepayment rate (SMM): 2.33%
Month-over-month change: 23.11%
Year-over-year change: 135.91%

Foreclosure sales as % of 90+: 0.11%
Month-over-month change: -89.56%
Year-over-year change: -93.47%

Number of properties that are 30 or more days past due, but not in foreclosure: 3,400,000
Month-over-month change: 1,608,000
Year-over-year change: 1,588,000

Number of properties that are 90 or more days past due, but not in foreclosure: 462,000
Month-over-month change: 56,000
Year-over-year change: -12,000

Number of properties in foreclosure pre-sale inventory: 211,000
Month-over-month change: -9,000
Year-over-year change: -48,000

Number of properties that are 30 or more days past due or in foreclosure: 3,612,000
Month-over-month change: 1,599,000
Year-over-year change: 1,540,000

Top 5 States by Non-Current* Percentage
Mississippi:            11.90%
Louisiana:              10.91%
New York:              9.79%
New Jersey:           9.36%
Connecticut:           8.94%


Bottom 5 States by Non-Current* Percentage
Oregon:                  4.05%
South Dakota:        3.97%
North Dakota:         3.92%
Washington:           3.91%
Idaho:                     3.53%


Top 5 States by 90+ Days Delinquent Percentage
Mississippi:             2.71%
Louisiana:               1.83%
Alabama:                1.74%
Arkansas:               1.52%
Georgia:                 1.27%


Top 5 States by 6-Month Improvement in Non-Current* Percentage
Arkansas:              13.73%
West Virginia:        16.70%
Mississippi:            16.93%
Iowa:                      18.28%
Indiana:                  20.75%


Top 5 States by 6-Month Deterioration in Non-Current* Percentage
Alaska:                  187.96%
California:             185.64%
Nevada:                182.04%
Colorado:              141.83%
Hawaii:                  126.53%

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1)    Totals are extrapolated based on Black Knight's loan-level database of mortgage assets.
2)    All whole numbers are rounded to the nearest thousands, except foreclosure starts, which are rounded to the nearest hundred.

For a more detailed view of this month's "first look" data, please visit the Black Knight newsroom.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by June 8, 2020.

For more information about gaining access to Black Knight's loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.

As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.

For more information:  




Michelle Kersch

Mitch Cohen

Black Knight, Inc.

Black Knight, Inc.

904.854.5043

704.890.8158

michelle.kersch@bkfs.com 

mitch.cohen@bkfs.com

 

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SOURCE Black Knight, Inc.