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Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the U.S.
According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. The delinquency rate was 2.80% in April, and 2.84% in March.
The 2.75% rate also marks a record low for delinquencies.
While the delinquency rates among mortgage owners that are a single payment late edged upwards by 0.2%, serious delinquencies (those over 90 days late) saw a 7% improvement, but is still up 45% above pre-pandemic levels.
Despite elevated serious delinquency levels, foreclosure starts dropped 12% from April and continue to hold well below pre-pandemic levels while active foreclosures edged slightly higher month-over-month.
Notable statistics from the report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.75%
- Month-over-month change: -1.93%
- Year-over-year change: -41.96%
Total U.S. foreclosure pre-sale inventory rate: 0.33%
- Month-over-month change: 1.03%
- Year-over-year change: 17.55%
Total U.S. foreclosure starts: 18,800
- Month-over-month change: -12.15%
- Year-over-year change: 394.74%
Monthly prepayment rate (SMM): 0.88%
- Month-over-month change: -11.13%
- Year-over-year change: -59.16%
Foreclosure sales as % of 90+: 0.50%
- Month-over-month change: 8.61%
- Year-over-year change: 305.57%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,461,000
- Month-over-month change: -35,000
- Year-over-year change: -1,050,000
Number of properties that are 90 or more days past due, but not in foreclosure: 595,000
- Month-over-month change: -45,000
- Year-over-year change: -1,074,000
Number of properties in foreclosure pre-sale inventory: 174,000
- Month-over-month change: 1,000
- Year-over-year change: 26,000
Number of properties that are 30 or more days past due or in foreclosure: 1,635,000
- Month-over-month change: -34,000
- Year-over-year change: -1,024,000
Top 5 States by Non-Current* Percentage
- Mississippi: 6.07 %
- Louisiana: 5.43 %
- Alabama: 4.48 %
- Oklahoma: 4.45 %
- West Virginia: 4.24 %
Bottom 5 States by Non-Current Percentage
- Utah: 1.92 %
- Colorado: 1.80 %
- California: 1.78 %
- Idaho: 1.63 %
- Washington: 1.61 %
Top 5 States by 90+ Days Delinquent Percentage
- Mississippi: 2.35 %
- Louisiana: 2.12 %
- Alabama: 1.67 %
- Alaska: 1.64 %
- Maryland: 1.57 %
Top 5 States by 6-Month Improvement in Non-Current Percentage
- Louisiana: -31.66 %
- District of Columbia: -31.55 %
- Nevada: -27.85 %
- Hawaii: -27.06 %
- Washington: -26.69 %
Top 5 States by 6-Month Deterioration in Non-Current Percentage
- Maine: -8.57 %
- Alaska: -10.56 %
- Iowa: -12.04 %
- New Hampshire: -12.67 %
- Missouri: -12.86 %
Editor's note: This data is a “first look” and is subject to change. According to Black Knight, the full findings of May’s data will be available in early July.
