RSS Feed by Calculated Risk on 11/29/2016 07:01:00 AM
Tuesday, November 29, 2016
Black Knight: Mortgage "Foreclosure Starts Hit Lowest Level Since January 2005" in October
Note: There was a report of a "foreclosure spike" in October. This data shows the opposite happened.
From Black Knight: Black Knight’s First Look at October 2016 Mortgage Data: Foreclosure Starts Hit Lowest Level Since January 2005; Foreclosure Rate Falls Below One Percent for First Time Since July 2007
• October’s 56,500 foreclosure starts is the lowest one-month total in nearly 12 yearsAccording to Black Knight's First Look report for October, the percent of loans delinquent increased 2% in October compared to September, and declined 8.9% year-over-year.
• Delinquencies see modest seasonal increase in October; still down nine percent from last year
• Active foreclosure inventory continues to improve, just over 500,000 active foreclosure cases remain
• Prepayment activity down slightly from September but remains 37 percent above last year’s level
The percent of loans in the foreclosure process declined 1% in October and were down 30% 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 4.35% in October, up from 4.27% in September.
The percent of loans in the foreclosure process declined in October to 0.99%. This is the lowest level since July 2007.
The number of delinquent properties, but not in foreclosure, is down 214,000 properties year-over-year, and the number of properties in the foreclosure process is down 217,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for October on December 5th.
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Oct 2016 | Sept 2016 | Oct 2015 | Oct 2014 | |
| Delinquent | 4.35% | 4.27% | 4.77% | 5.42% |
| In Foreclosure | 0.99% | 1.00% | 1.43% | 1.81% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: | 2,202,000 | 2,165,000 | 2,415,000 | 2,731,000 |
| Number of properties in foreclosure pre-sale inventory: | 504,000 | 509,000 | 721,000 | 912,000 |
| Total Properties | 2,706,000 | 2,674,000 | 3,136,000 | 3,643,000 |
