‘First-look’ data shows 18-year low for year-end delinquencies
Data from mortgage software and analytics firm Black Knight shows strong performance for loans at the end of 2018.
‘First look’ data for December reveals a delinquency rate of 3.9%, the lowest year-end rate since the firm began reporting the figure in 2000. This was despite seasonal upticks in recent months.
The national foreclosure rate – also edging seasonally upward – hit its lowest year-end point since 2005 (just 0.52% of mortgages in active foreclosure).
There was, however, an increase in foreclosure starts in December. But the rise of 4% year-over-year in December was primarily driven by suppressed foreclosure start volumes in late 2017 due to hurricane-related moratoriums.
Prepayments remained nearly unchanged in December (0.66%), holding near the 10-year low set in November. It was down 29% compared to December 2017.
The total number of properties at least 30 days past due but not in foreclosure was up 88,000 in December to 2,013,000 – but this was a drop of 399,000 year-over-year.
The number of properties 90+ days past due but not in foreclosure was up 1,000 month-over-month but down 215,000 year-over-year to 511,000.
The number of properties in foreclosure pre-sale inventory was up 3,000 month-over-month but down 60,000 year-over-year to 271,000.
Where the delinquency hot spots are
The top 5 states by non-current percentage in December were: Mississippi (10.09%), Louisiana (8.13%), Alabama (6.95%), West Virginia (6.69%), and Arkansas (6.29%).
The bottom 5 states by non-current percentage in December were: North Dakota (2.46%), Idaho (2.32%), Washington (2.28%), Oregon (2.12%), and Colorado (1.90%).