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Mortgage Delinquencies Top 3%, Foreclosure Starts Up 19% Month-Over-Month

Black Knight’s “first look” at November 2022 mortgage performance statistics revealed that prepayment activity dropped 15.6% to a rate of 0.4%, the lowest rate recorded in the history of the report. 

Overall, the national delinquency rate rose 3.5% from October 2022 to a rate of 3.01%, mainly driven by a 31,000 file increase (or 3.9%) in 30-day delinquencies and a 25,000 file rise in 60-day delinquencies. 

Looking specifically at Florida, the delinquency rate rose another 18 basis points in the month to 3.60% as the impact of Hurricane Ian on homeowners' ability to make mortgage payments continues. 

Foreclosure proceedings were started on 4.3% of serious delinquencies, up from October, but 44% less than the rate seen in the years leading up to the COVID-19 pandemic. Active foreclosure inventory rose 5.3%, though 2022 volumes remain subdued after the record lows of 2021 due to widespread moratoriums and forbearance protections. 

By the numbers: 

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.01% 

  • Month-over-month change: 3.46% 
  • Year-over-year change: -16.18% 

  

Total U.S. foreclosure pre-sale inventory rate: 0.37% 

  • Month-over-month change: 5.29% 
  • Year-over-year change: 46.60% 

  

Total U.S. foreclosure starts: 23,400 

  • Month-over-month change: 19.39% 
  • Year-over-year change: 532.43% 

  

Monthly prepayment rate (SMM): 0.40% 

  • Month-over-month change: -15.57% 
  • Year-over-year change: -77.26% 

  

Foreclosure sales as % of 90+: 0.55% 

  • Month-over-month change: -6.73% 
  • Year-over-year change: 109.66% 

  

Number of properties that are 30 or more days past due, but not in foreclosure: 1,612,000 

  • Month-over-month change: 55,000 
  • Year-over-year change: -294,000 

  

Number of properties that are 90 or more days past due, but not in foreclosure: 550,000 

  • Month-over-month change: -1,000 
  • Year-over-year change: -476,000 

  

Number of properties in foreclosure pre-sale inventory: 196,000 

  • Month-over-month change: 10,000 
  • Year-over-year change: 64,000 

  

Number of properties that are 30 or more days past due or in foreclosure: 1,808,000 

  • Month-over-month change: 65,000 
  • Year-over-year change: -231,000 

  

Top five states by non-current percentage: 

  • Mississippi: 6.70% 
  • Louisiana: 6.08% 
  • Oklahoma: 5.03 % 
  • Alabama: 4.76 % 
  • West Virginia: 4.66 % 

  

Bottom five states by non-current percentage: 

  • Oregon: 2.06 % 
  • Colorado: 1.98 % 
  • California: 1.90 % 
  • Idaho: 1.79 % 
  • Washington: 1.69 % 

  

Top five states by 90+ days delinquent percentage: 

  • Mississippi: 2.32% 
  • Louisiana: 1.90% 
  • Alabama: 1.62% 
  • Arkansas: 1.53% 
  • Oklahoma: 1.50% 

  

Top five states by six-month change in non-current percentage: 

  • Alaska: -20.97% 
  • Hawaii: -8.34% 
  • New York: -6.90% 
  • New Hampshire: 1.28% 
  • Maine: 3.04% 

  

Bottom five States by six-month change in non-current percentage: 

  • Florida: 24.63% 
  • Arizona: 21.03% 
  • Wyoming: 16.96% 
  • Iowa: 15.97% 
  • South Dakota: 15.58% 

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].
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