by Calculated Risk on 9/23/2022 08:11:00 AM
o Improvement was broad-based, with the number of borrowers a single payment past due falling by 4% and those 90 or more days delinquent down 4.5%
o After dropping steadily over recent months, cure activity also improved in August, with 62K seriously delinquent loans curing to current status, up from 58K in July
o The month’s 20.3K foreclosure starts represent a 15% jump in activity from July, but remain 44% below August 2019 levels
o Likewise, starts were initiated on 3.4% of serious delinquencies; up slightly from July but still less than half the rate seen in the years leading up to the pandemic
o Prepays (SMM) edged up 1.5% for the month, due to calendar-related effects, but are still down by 69% year-over-year as rising rates continue to put downward pressure on both purchase and refinance lending
According to Black Knight’s First Look report, the percent of loans delinquent decreased 3.6% in August compared to July and decreased 30% year-over-year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.79% in August, down from 2.89% in July.
2020Delinquent2.79%2.89%4.00%6.88%In Foreclosure0.53%0.52%0.27%0.35%Number of properties:Number of propertiesthat are delinquent,but not in foreclosure:1,489,0001,543,0002,122,0003,679,000Number of propertiesin foreclosurepre-sale inventory:185,000184,000142,000187,000Total Properties1,674,0001,728,0002,264,0003,867,000