Black Knight: Delinquencies Jumped In August

Posted by Patrick Barnard on September 30, 2014 No Comments
Categories : Mortgage Servicing

Delinquencies (loans that are 30 or more days past due) jumped 4.68% in August compared to July to reach 5.90% of all properties with a mortgage, according to Black Knight Financial Services' ‘First Look’ report.

Nearly 3 million properties were 30 or more days past due but not in foreclosure in August, an increase of about 146,000 compared to July, but down about 129,000 compared to August 2013.

Serious delinquencies were also up: About 1.14 million properties were seriously delinquent (90-plus days or more past due) in August, an increase of about 7,000 compared to July, but down about 145,000 from August 2013.

The total U.S. foreclosure presale inventory rate was about 1.80%, a decrease of 2.80% compared to July and down 32.39% compared to August 2013. At 913,000, the foreclosure inventory count in August was the lowest since March 2008.

There were about 81,600 foreclosure starts in August, a decrease of 10.03% compared to July and down 24.16% compared to August 2013. It was the first decline in foreclosure starts in five months, according to Black Knight.

The prepayment rate in August was about 0.96%, down 8.30% compared to July and down 31.37% compared to August of last year. The drop in the prepayment rate comes after five consecutive monthly increases.

States with the highest percentage of delinquent loans in August included Mississippi (14.68%), New Jersey (12.59%), Louisiana (11.37%), New York (11.10%) and Florida (10.98%).

States with the lowest percentage of delinquent loans in August included Alaska (4.19%), Montana (4.10%), Colorado (3.89%), South Dakota (3.80%) and North Dakota (2.60%).

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