According to Black Knight’s “First Look” at December 2022 data, the national delinquency rate inched up seven basis points during the month to 3.08% but finished the year 30 basis points (or 9%) down compared to year-end data from 2021.
However, prepayment activity found a new low, falling to 0.39% with single month mortality hitting its third consecutive record low since Black Knight has been tracking the metric.
Serious delinquencies (90+ days past due) continued to improve nationally despite an 8,700 rise in Florida in the wake of Hurricane Ian, with 44 other states seeing seriously past-due volumes decline in the month.
Borrowers who are 30 days late increased by 40,000, a 4.8% increase, while 60-day delinquencies numbers remained stable.
Foreclosure starts increased by 15% in the month to 26,900 – the third consecutive increase, but still 30% below pre-pandemic levels. The foreclosure process was started on 4.9% of serious delinquencies in December, up from November 2022, but is still down 46% from pre-pandemic levels.
Other high-level data as reported by Black Knight includes:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.08%
Month-over-month change: 2.31%
Year-over-year change: -8.89%
Total U.S. foreclosure pre-sale inventory rate: 0.37%
Month-over-month change: 0.71%
Year-over-year change: 53.47%
Total U.S. foreclosure starts: 26,900
Month-over-month change: 14.96%
Year-over-year change: 556.10%
Monthly prepayment rate (SMM): 0.39%
Month-over-month change: -2.72%
Year-over-year change: -76.14%
Foreclosure sales as % of 90+: 0.52%
Month-over-month change: -5.78%
Year-over-year change: 76.26%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,653,000
Month-over-month change: 41,000
Year-over-year change: -146,000
Number of properties that are 90 or more days past due, but not in foreclosure: 545,000
Month-over-month change: -5,000
Year-over-year change: -401,000
Number of properties in foreclosure pre-sale inventory: 198,000
Month-over-month change: 2,000
Year-over-year change: 70,000
Number of properties that are 30 or more days past due or in foreclosure: 1,850,000
Month-over-month change: 42,000
Year-over-year change: -77,000
Top 5 States by Non-Current Percentage:
Mississippi: 6.87 %
Louisiana: 6.33 %
Oklahoma: 5.16 %
West Virginia: 4.92 %
Alabama: 4.91 %
Bottom 5 States by Non-Current Percentage:
Oregon: 2.10 %
Colorado: 1.96 %
California: 1.91 %
Idaho: 1.89 %
Washington: 1.69 %
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 2.31 %
Louisiana: 1.90 %
Arkansas: 1.59 %
Alabama: 1.57 %
Maryland: 1.45 %
Top 5 States by 6-Month Change in Non-Current* Percentage
Alaska: -19.58 %
New York: -5.24 %
Hawaii: -4.12 %
North Dakota: -0.78 %
District of Columbia: 0.08 %
Bottom 5 States by 6-Month Change in Non-Current* Percentage
Florida: 22.44 %
Arizona: 18.78 %
South Dakota: 14.95%
Wyoming: 14.49 %
Idaho: 14.09 %
Click here to view the data from the source.
