by Calculated Risk on 6/22/2020 11:59:00 AM

Note: Loans in forbearance are counted as delinquent in this survey, but these loans are not reported as delinquent to the credit bureaus.

From Black Knight: Black Knight: Mortgage Delinquencies Increase Another 20% in May to Hit Highest Level Since 2011, But June Payment Data Suggests Rise May Be Cresting

• Another 723,000 homeowners became past due on their mortgages in May, pushing the national delinquency rate to its highest level in 8.5 years

• There are now 4.3 million homeowners past due on their mortgages or in active foreclosure – including those in forbearance who have missed scheduled payments as part of their plans – up from 2 million at the end of March

• Serious delinquencies are on the rise as well, increasing by more than 50% over the past two months

• However, Black Knight’s McDash Flash Payment Tracker shows a higher share of payments have been made thus far in June than at the same time in May, suggesting the rise in delinquencies may be leveling off

• Both foreclosure starts and sales (completions), halted by COVID-19 moratoriums, remain at record lows

• The share of homeowners in active foreclosure has fallen to its lowest level on record since Black Knight began reporting the figure in January 2000 emphasis added

According to Black Knight's First Look report for March, the percent of loans delinquent increased 20.4% in May compared to April, and increased 131% year-over-year.

The percent of loans in the foreclosure process decreased 5.8% in May and were down 22.7% 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 7.76% in May, up from 6.45% in April.

The percent of loans in the foreclosure process decreased in May to 0.38% from 0.40% in April.

The number of delinquent properties, but not in foreclosure, is up 2,363,000 properties year-over-year, and the number of properties in the foreclosure process is down 55,000 properties year-over-year.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
	May 2020	Apr 2020	May 2019	May 2018
Delinquent	7.76%	6.45%	3.36%	3.64%
In Foreclosure	0.38%	0.40%	0.49%	0.59%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:	4,123,000	3,400,000	1,760,000	1,867,000
Number of properties in foreclosure pre-sale inventory:	200,000	211,000	255,000	303,000
Total Properties	4,324,000	3,611,000	2,015,000	2,171,000