Black Knight: Mortgage Delinquency Rate Jumped In January

Posted by Patrick Barnard on February 22, 2016 No Comments
Categories : Mortgage Servicing

The U.S. mortgage delinquency rate, loans 30 days or more past due but not in foreclosure, was 5.09% in January – an increase of 6.62% compared with December but a decrease of 7.10% compared with January 2015, according to Black Knight Financial Services’ “First Look” report.

It was the first time in 11 months that the delinquency rate increased to more than 5.0%, the firm says. However, the increase is in keeping with seasonal trends.

About 2.5 million properties were 30 days or more past due but not in foreclosure – an increase of about 137,000 properties compared with December but a decrease of about 415,000 compared with January 2015.

About 1.30% of homes with a mortgage were in some stage of foreclosure – also known as the foreclosure inventory – a decrease of 4.53% compared with December and a decrease of 25.69% compared with January 2015.

There were about 71,900 foreclosure starts in January – a decrease of 7.94% compared with December and a decrease of 22.94% compared with January 2015.

Prepayments were made on about 0.81% of mortgages – a decrease of 28.67% compared with December and a decrease of 7.88% compared with January 2015.

About 831,000 properties were seriously delinquent (90 days or more past due) – an increase of about 23,000 compared with December but a decrease of 229,000 compared with January 2015.

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