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.