Black Knight Inc [1]. has released a “first look” the latest iteration of its Mortgage Monitor Report [2] for April 2022, which looks at delinquency and foreclosure rates across the U.S.
According to Black Knight, the national delinquency rate fell to 2.80% in April, down four basis points in March from 2.84%, hitting a new record low for the second consecutive month. This drop occurred during a month that usually sees the worst mortgage performance of the year. Overall, delinquencies are down nearly 40% year-over-year.
While the number of borrowers who are a single payment past due increased 7.9% month-over-month, this was offset by strong improvement among borrowers who are three or more payments past due–with volume falling by 8% month-over-month.
Though serious delinquencies have fallen between 6-12% every month for the last 14 months, volume remains more than 55% above pre-pandemic levels.
Also, prepayment activity succumbed to the sharp rise in rates, as prepays fell 19.1% from March and 61.8% from a year ago.
Notable statistics from the report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.80%
- Month-over-month change: -1.31%
- Year-over-year change: -39.93%
Total U.S. foreclosure pre-sale inventory rate: 0.32%
- Month-over-month change: 2.31%
- Year-over-year change: 13.48%
Total U.S. foreclosure starts: 21,400
- Month-over-month change: -11.93%
- Year-over-year change: 478.38%
Monthly prepayment rate (SMM): 0.99%
- Month-over-month change: -19.10%
- Year-over-year change: -61.80%
Foreclosure sales as % of 90+: 0.46%
- Month-over-month change: 8.58%
- Year-over-year change: 228.58%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,496,000
- Month-over-month change: -17.000
- Year-over-year change: -1,004,000
Number of properties that are 90 or more days past due, but not in foreclosure: 640,000
- Month-over-month change: -54,000
- Year-over-year change: -1,128,000
Number of properties in foreclosure pre-sale inventory: 173,000
- Month-over-month change: 4,000
- Year-over-year change: 20,000
Number of properties that are 30 or more days past due or in foreclosure: 1,669,000
- Month-over-month change: -13,000
- Year-over-year change: 984,000
Editor's note: This data is a “first look” and is subject to change. According to Black Knight, the full findings of April’s data will be available in early June.