According to Black Knight’s data, March usually sees the strongest performance of any month; delinquencies typically fall by an average of 10% during the month, but March 2022 saw an “exceptionally strong” 15.5% reduction. The national delinquency rate also dropped by more than half a percentage point in March, falling to 2.84% and shattering the previous record low of 3.22% in January 2020
Black Knight noted that continued federal student loan deferrals, “robust” employment numbers, record numbers of refinances, and strong post-forbearance numbers all contributed to the record low delinquency rate.
Among the data, the most improved category was among renters who were a single payment late; this category saw number improve by a margin of 20%. Serious delinquencies (90+ days past due but not in foreclosure) also fell by 12%, marking the biggest month-to-month improvement in 20 years and remains 70% above pre-pandemic levels.
Despite elevated serious delinquencies, foreclosure starts fell by 3% from the month prior and are holding well below pre-pandemic levels.
The number of active foreclosures edged slightly higher in March, marking the first year-over-year increase in almost 10 years, though inventories also remain well below pre-pandemic levels.
Notable statistics from the report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.84%
Month-over-month change: -15.46%
Year-over-year change: -43.46%
Total U.S. foreclosure pre-sale inventory rate: 0.32%
Month-over-month change: 3.70%
Year-over-year change: 3.94%
Total U.S. foreclosure starts: 24,300
Month-over-month change: -2.80%
Year-over-year change: 386.00%
Monthly prepayment rate (SMM): 1.22%
Month-over-month change: 8.76%
Year-over-year change: -63.54%
Foreclosure sales as % of 90+: 0.42%
Month-over-month change: 39.01%
Year-over-year change: 172.90%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,513,000
Month-over-month change: -270,000
Year-over-year change: -1,159,000
Number of properties that are 90 or more days past due, but not in foreclosure: 694,000
Month-over-month change: -93,000
Year-over-year change: -1,225,000
Number of properties in foreclosure pre-sale inventory: 169,000
Month-over-month change: 7,000
Year-over-year change: 7,00
Number of properties that are 30 or more days past due or in foreclosure: 1,682,000
Month-over-month change: -264,000
Year-over-year change: -1,152,000
Editor's note: This data is a “first look” and is subject to change. According to Black Knight, the full findings of February’s data will be available by May 2, 2022 and will be published here.