by Calculated Risk on 4/19/2018 10:41:00 AM

From Black Knight: Black Knight’s First Look: Hurricane Impact Lingers, Drives Up Foreclosure Starts as Moratoria Lift; National Delinquencies Fall to 12-Month Low

• Seasonal effects and continued hurricane-related improvements contributed to a 13 percent decline in the national delinquency rate in March

• Nationally, there was a decline of 65,000 in serious delinquencies (90 or more days past due but not yet in foreclosure)

• Serious delinquencies attributable to Hurricanes Harvey and Irma saw a reduction of 19,500 loans

• However, as the hurricane impact shifts away from delinquencies, foreclosure starts rose by 12 percent

• More than two-thirds of that increase came from hurricane-affected areas of Texas and Florida

• Overall, active foreclosure inventory continues to improve, falling another 10,000 loans in March to its lowest level since late 2006

​• Despite interest rates remaining above 4.4 percent, prepayment activity in March increased by 22 percent from February’s 4-year low

According to Black Knight's First Look report for March, the percent of loans delinquent decreased 13.2% in March compared to February, but increased 3.1% year-over-year.

The percent of loans in the foreclosure process decreased 3.2% in March and were down 29.3% over the last year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.73% in March, down from 4.30% in February.

The percent of loans in the foreclosure process decreased in March to 0.63%.

The number of delinquent properties, but not in foreclosure, is up 81,000 properties year-over-year, and the number of properties in the foreclosure process is down 127,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
	Mar 2018	Feb 2018	Mar 2017	Mar 2016
Delinquent	3.73%	4.30%	3.62%	4.08%
In Foreclosure	0.63%	0.65%	0.88%	1.25%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:	1,912,000	2,198,000	1,831,000	2,062,000
Number of properties in foreclosure pre-sale inventory:	321,000	331,000	448,000	631,000
Total Properties	2,232,000	2,528,000	2,279,000	2,693,000