Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for April 2022, which looks at delinquency and foreclosure rates across the U.S.
According to Black Knight, the national delinquency rate fell to 2.80% in April, down four basis points in March from 2.84%, hitting a new record low for the second consecutive month. This drop occurred during a month that usually sees the worst mortgage performance of the year. Overall, delinquencies are down nearly 40% year-over-year.
While the number of borrowers who are a single payment past due increased 7.9% month-over-month, this was offset by strong improvement among borrowers who are three or more payments past due–with volume falling by 8% month-over-month.
Though serious delinquencies have fallen between 6-12% every month for the last 14 months, volume remains more than 55% above pre-pandemic levels.
Also, prepayment activity succumbed to the sharp rise in rates, as prepays fell 19.1% from March and 61.8% from a year ago.
Notable statistics from the report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.80%
- Month-over-month change: -1.31%
- Year-over-year change: -39.93%
Total U.S. foreclosure pre-sale inventory rate: 0.32%
- Month-over-month change: 2.31%
- Year-over-year change: 13.48%
Total U.S. foreclosure starts: 21,400
- Month-over-month change: -11.93%
- Year-over-year change: 478.38%
Monthly prepayment rate (SMM): 0.99%
- Month-over-month change: -19.10%
- Year-over-year change: -61.80%
Foreclosure sales as % of 90+: 0.46%
- Month-over-month change: 8.58%
- Year-over-year change: 228.58%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,496,000
- Month-over-month change: -17.000
- Year-over-year change: -1,004,000
Number of properties that are 90 or more days past due, but not in foreclosure: 640,000
- Month-over-month change: -54,000
- Year-over-year change: -1,128,000
Number of properties in foreclosure pre-sale inventory: 173,000
- Month-over-month change: 4,000
- Year-over-year change: 20,000
Number of properties that are 30 or more days past due or in foreclosure: 1,669,000
- Month-over-month change: -13,000
- Year-over-year change: 984,000
Editor's note: This data is a “first look” and is subject to change. According to Black Knight, the full findings of April’s data will be available in early June.