Black Knight: Foreclosure Starts Spiked In June, But Fell In Q2

Posted by Patrick Barnard on August 02, 2016 No Comments
Categories : Mortgage Servicing

The national mortgage delinquency rate (30 days or more past due) was about 4.31% as of the end of June – an increase of 1.33% compared with May but a decrease of 10.03% compared with June 2015, according to Black Knight Financial Services “First Look” mortgage report.

About 2.178 million borrowers were delinquent as of the end of June – an increase of about 25,000 compared with May but a decrease of about 237,000 compared with June 2015. Black Knight points out that the increase is typical for seasonal patterns.

About 692,000 borrowers were seriously delinquent (90 days or more past due) – a decrease of about 27,000 compared with May and a decrease of 161,000 compared with June 2015.

The total presale foreclosure inventory rate was 1.10%, a decrease of 2.57% compared with May and a decrease of 29.35% compared with June 2015. As of the end of June, there were about 558,000 homes on the presale inventory – a decrease of about 16,000 compared with May and a decrease of about 231,000 compared with June of last year.

There were about 69,300 foreclosure starts in June – an increase of 11.59% compared with May but a decrease of 11.27% compared with June of last year. Black Knight says despite the increase, foreclosure starts in the second quarter were at their lowest level in more than 16 years.

The monthly prepayment rate was about 1.44%, an increase of 10.30% compared with May and an increase of 3.24% compared with June 2015.

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