Mortgage, Delinquencies Snapshot as 2022 Wrapped Up

According to Black Knight’s “First Look” at December 2022 data, the national delinquency rate inched up seven basis points during the month to 3.08% but finished the year 30 basis points (or 9%) down compared to year-end data from 2021. 

However, prepayment activity found a new low, falling to 0.39% with single month mortality hitting its third consecutive record low since Black Knight has been tracking the metric. 

Serious delinquencies (90+ days past due) continued to improve nationally despite an 8,700 rise in Florida in the wake of Hurricane Ian, with 44 other states seeing seriously past-due volumes decline in the month. 

Borrowers who are 30 days late increased by 40,000, a 4.8% increase, while 60-day delinquencies numbers remained stable. 

Foreclosure starts increased by 15% in the month to 26,900 – the third consecutive increase, but still 30% below pre-pandemic levels. The foreclosure process was started on 4.9% of serious delinquencies in December, up from November 2022, but is still down 46% from pre-pandemic levels. 

Other high-level data as reported by Black Knight includes: 

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.08% 

Month-over-month change: 2.31% 

Year-over-year change: -8.89% 

  

Total U.S. foreclosure pre-sale inventory rate: 0.37% 

Month-over-month change: 0.71% 

Year-over-year change: 53.47% 

  

Total U.S. foreclosure starts: 26,900

Month-over-month change: 14.96% 

Year-over-year change: 556.10% 

  

Monthly prepayment rate (SMM): 0.39% 

Month-over-month change: -2.72% 

Year-over-year change: -76.14% 

  

Foreclosure sales as % of 90+: 0.52% 

Month-over-month change: -5.78% 

Year-over-year change: 76.26% 

  

Number of properties that are 30 or more days past due, but not in foreclosure: 1,653,000 

Month-over-month change: 41,000 

Year-over-year change: -146,000 

  

Number of properties that are 90 or more days past due, but not in foreclosure: 545,000 

Month-over-month change: -5,000 

Year-over-year change: -401,000 

  

Number of properties in foreclosure pre-sale inventory: 198,000 

Month-over-month change: 2,000 

Year-over-year change: 70,000 

  

Number of properties that are 30 or more days past due or in foreclosure: 1,850,000 

Month-over-month change: 42,000 

Year-over-year change: -77,000 

  

Top 5 States by Non-Current Percentage: 

Mississippi: 6.87 % 

Louisiana: 6.33 % 

Oklahoma: 5.16 % 

West Virginia: 4.92 % 

Alabama: 4.91 % 

  

Bottom 5 States by Non-Current Percentage: 

Oregon: 2.10 % 

Colorado: 1.96 % 

California: 1.91 % 

Idaho: 1.89 % 

Washington: 1.69 % 

  

Top 5 States by 90+ Days Delinquent Percentage 

Mississippi: 2.31 % 

Louisiana: 1.90 % 

Arkansas: 1.59 % 

Alabama: 1.57 % 

Maryland: 1.45 % 

 

Top 5 States by 6-Month Change in Non-Current* Percentage 

Alaska: -19.58 % 

New York: -5.24 % 

Hawaii: -4.12 % 

North Dakota: -0.78 % 

District of Columbia: 0.08 % 

 

Bottom 5 States by 6-Month Change in Non-Current* Percentage 

Florida: 22.44 % 

Arizona: 18.78 % 

South Dakota: 14.95% 

Wyoming: 14.49 % 

Idaho: 14.09 % 

 

Click here to view the data from the source.