The delinquency rate on first-lien mortgages (30 days or more past due) stood at 4.08% as of the end of April – an increase of 12.93% compared with March but a decrease of 3.58% in April 2016, according to Black Knight Financial Services’ First Look report.
It was the largest monthly increase in the mortgage delinquency rate in more than eight years, the company says.
However, Black Knight notes that the increase was primarily calendar-driven due to both the month ending on a Sunday and March being the typical calendar-year low and largely isolated to early-stage delinquencies.
As of the end of the month, about 2.072 million loans were 30 days or more past due – an increase of about 241,000 compared with March but a decrease of about 74,000 compared with April 2016.
About 581,000 properties were seriously delinquent (90 days or more past due but not in foreclosure) – a decrease of about 8,000 compared with March and a decrease of about 149,000 compared with April 2016.
The foreclosure presale inventory rate was about 0.85%, a decrease of 3.47% compared with March and a decrease of 27.34% compared with April 2016. That’s a 10-year low.
As of the end of April, there were about 433,000 properties in the pre-foreclosure inventory – a decrease of about 15,000 compared with March and a decrease of about 162,000 compared with April 2016.
There were about 52,800 foreclosure starts during April – a decrease of 12.44% compared with March and a decrease of 10.05% compared with April last year. It was the lowest foreclosure start rate since January 2005.
Prepayments were received on 0.86% of loans during the month – down 10.63% compared with the previous month and down 31.63% compared with a year earlier.