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Delinquencies and Foreclosure Starts Edge Lower

Black Knight, Inc., a Florida based provider of software, data, and analytics for the mortgage and real estate industries, released their First Look data analysis report on Thursday, analyzing February 2018 mortgage performance data. This report found foreclosure starts reversing course from January’s 12-month high, declining by 25 percent. This marks a return to a trend of declining foreclosure starts, despite lingering ripples from Hurricanes Harvey and Irma.

Recovery slowed among delinquent mortgages in areas still recovering from Harvey and Irma, with total U.S. mortgage delinquencies falling by only 0.21 percent to a 4.3 percent delinquency rate. Hurricane-specific delinquencies experienced a 5 percent reduction. Serious delinquencies (those 90+ days past due) directly attributed to hurricane activity declined by 3 percent. There are still 128,000 mortgages considered seriously delinquent in Texas, Florida, and Georgia that can be directly attributed to Harvey and Irma.    

According to the analyzed data, there are currently 331,000 properties in the foreclosure pre-sale inventory, a new post-recession low. The share of the seriously delinquent or active foreclosure population that moved through to foreclosure sale fell 19 percent from January’s spike. There are 2,198,800 properties 30 or more days past due, yet not in foreclosure.

Prepayment activity declined 8.93 percent from the previous month, a trend attributed to rising interest rates. February’s single month mortality rate reached .72 percent, the lowest since 2014. The year-over-year change saw a decline of 10.58 percent.

Black Knight derives the data for its First Look mortgage statistics from its loan-level database representing the national market. A more in-depth review of this data will be available on their webpage in their monthly mortgage monitor report via their online newsroom in April, including detailed charts and graphs for reflection on trend and point-in-time observations.

Read the full First Look here.

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