Home / Daily Dose / U.S. Records 19k Foreclosure Starts in May
Print This Post Print This Post

U.S. Records 19k Foreclosure Starts in May

Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the U.S. 

According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. The delinquency rate was 2.80% in April, and 2.84% in March. 

The 2.75% rate also marks a record low for delinquencies. 

While the delinquency rates among mortgage owners that are a single payment late edged upwards by 0.2%, serious delinquencies (those over 90 days late) saw a 7% improvement, but is still up 45% above pre-pandemic levels. 

Despite elevated serious delinquency levels, foreclosure starts dropped 12% from April and continue to hold well below pre-pandemic levels while active foreclosures edged slightly higher month-over-month. 

Notable statistics from the report include:  

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.75% 

  • Month-over-month change: -1.93% 
  • Year-over-year change: -41.96%

Total U.S. foreclosure pre-sale inventory rate: 0.33% 

  • Month-over-month change: 1.03% 
  • Year-over-year change: 17.55%

Total U.S. foreclosure starts: 18,800 

  • Month-over-month change: -12.15% 
  • Year-over-year change: 394.74%

Monthly prepayment rate (SMM): 0.88% 

  • Month-over-month change: -11.13% 
  • Year-over-year change: -59.16%

Foreclosure sales as % of 90+: 0.50% 

  • Month-over-month change: 8.61% 
  • Year-over-year change: 305.57%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,461,000 

  • Month-over-month change: -35,000 
  • Year-over-year change: -1,050,000

Number of properties that are 90 or more days past due, but not in foreclosure: 595,000 

  • Month-over-month change: -45,000 
  • Year-over-year change: -1,074,000

Number of properties in foreclosure pre-sale inventory: 174,000 

  • Month-over-month change: 1,000 
  • Year-over-year change: 26,000

Number of properties that are 30 or more days past due or in foreclosure: 1,635,000 

  • Month-over-month change: -34,000 
  • Year-over-year change: -1,024,000 

Top 5 States by Non-Current* Percentage 

  • Mississippi: 6.07 % 
  • Louisiana: 5.43 % 
  • Alabama: 4.48 % 
  • Oklahoma: 4.45 % 
  • West Virginia: 4.24 %

Bottom 5 States by Non-Current Percentage 

  • Utah: 1.92 % 
  • Colorado: 1.80 % 
  • California: 1.78 % 
  • Idaho: 1.63 % 
  • Washington: 1.61 % 

Top 5 States by 90+ Days Delinquent Percentage 

  • Mississippi: 2.35 % 
  • Louisiana: 2.12 % 
  • Alabama: 1.67 % 
  • Alaska: 1.64 % 
  • Maryland: 1.57 % 

Top 5 States by 6-Month Improvement in Non-Current Percentage 

  • Louisiana: -31.66 % 
  • District of Columbia: -31.55 % 
  • Nevada: -27.85 % 
  • Hawaii: -27.06 % 
  • Washington: -26.69 % 

Top 5 States by 6-Month Deterioration in Non-Current Percentage 

  • Maine: -8.57 % 
  • Alaska: -10.56 % 
  • Iowa: -12.04 % 
  • New Hampshire: -12.67 % 
  • Missouri: -12.86 % 

Editor's note: This data is a “first look” and is subject to change. According to Black Knight, the full findings of May’s data will be available in early July. 

About Author: Kyle G. Horst

Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at [email protected]
x

Check Also

Homebuyer Competition Falls to Early-Pandemic Levels

Now recording its sixth month of decline, homebuyer competition has now fallen to levels seen ...