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U.S. Records 19k Foreclosure Starts in May

Black Knight Inc. [1] has released a “first look” the latest iteration of its Mortgage Monitor Report [2] 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% 

Total U.S. foreclosure pre-sale inventory rate: 0.33% 

Total U.S. foreclosure starts: 18,800 

Monthly prepayment rate (SMM): 0.88% 

Foreclosure sales as % of 90+: 0.50% 

Number of properties that are 30 or more days past due, but not in foreclosure: 1,461,000 

Number of properties that are 90 or more days past due, but not in foreclosure: 595,000 

Number of properties in foreclosure pre-sale inventory: 174,000 

Number of properties that are 30 or more days past due or in foreclosure: 1,635,000 

Top 5 States by Non-Current* Percentage 

Bottom 5 States by Non-Current Percentage 

Top 5 States by 90+ Days Delinquent Percentage 

Top 5 States by 6-Month Improvement in Non-Current Percentage 

Top 5 States by 6-Month Deterioration in Non-Current Percentage 

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.