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%
- 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.