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Serious Delinquency Rate Improves for First Time Since March

This past September is the first month—since COVID-19 first began effecting the economy—to record a drop in the serious-delinquency (90+ days past due) rate, Black Knight reported Thursday.

"The number of seriously delinquent mortgages (90+ days) fell by 43,000 in September, marking the first such improvement in serious delinquencies since the start of the pandemic," according to the report, which further broke down the data:

  • Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 6.66% Month-over-month change: -3.10%       
    Year-over-year change: 89.03%
  • Total U.S. foreclosure pre-sale inventory rate: 0.34%     
    Month-over-month change: -2.86%       
    Year-over-year change: -29.14%
  • Total U.S. foreclosure starts: 4,500          
    Month-over-month change: -25.00%     
    Year-over-year change: -88.58%
  • Monthly Prepayment Rate (SMM): 3.04%           
    Month-over-month rate: 12.70%             
    Year-over-year change: 95.96%
  • Foreclosure Sales as % of 90+: 0.08%      
    Month-over-month change: 34.48%      
    Year-over-year change: -95.13%
  • Number of properties that are 30 or more days past due, but not in foreclosure: 3,542,000          
    Month-over-month change: -137,000    
    Year-over-year change: 1,688,000
  • Number of properties that are 90 or more days past due, but not in foreclosure: 2,323,000          
    Month-over-month change: -43,000      
    Year-over-year change: 1,880,000
  • Number of properties in foreclosure pre-sale inventory: 181,000
    Month-over-month change: -6,000        
    Year-over-year change: -71,000
  • Number of properties that are 30 or more days past due or in foreclosure: 3,722,000      
    Month-over-month change: -145,000    
    Year-over-year change: 1,616,000

Regionally, the percentage of "non current" (that is, combined foreclosures and delinquencies as a percent of active loans in that state) delinquent loans is seen most in these states—Mississippi: 11.54%; Louisiana: 11.15%; Hawaii: 9.15%; New York: 8.92%; and Texas: 8.76%.

And least in Montana: 4.55%; Oregon: 4.54%, Colorado: 4.41%; Washington: 4.25%; Idaho: 3.68%.

For serious delinquencies, these states are feeling the greatest impact—Mississippi: 6.78%; Louisiana: 6.41%; Alaska: 6.16%; Nevada: 6.08%; Hawaii: 5.93%.

Visit Black Knight for more data and analysis via the company's First Look at September 2020 Mortgage Data.

 

About Author: Christina Hughes Babb

Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others.
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