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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. 

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]
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