Overall Mortgage Delinquencies Up 36K in February

According to Black Knight’s “First Look” at February 2023 data, the national delinquency rate inched up seven basis points during the month to 3.45% but remains down 12.5% year-over-year. Prepayments, however, broke a streak of four-month lows rising 0.35%—a trend which is expected to endure as the spring homebuying season takes hold. 

Delinquencies themselves rose by 36,000 units and was driven by a nearly 65,000 unit increase in loans that are a single payment behind. Sixty-day delinquencies fell by nearly 12,000 units, or 4%, and 90 day delinquencies fell by 3% of 17,000 loans. 

Serious delinquency volumes, or those 90 days or more past due, improved in all but five states in February. Foreclosure starts decreased 9% during the month to 29,000 starts; this number is still 19% below pre-pandemic levels. 

Active foreclosure inventory rose marginally (2,000) in the month, and is up 34,000 (+15%) from February 2022 despite remaining 15% below its pre-pandemic level. February saw 7,100 foreclosure sales (completions) nationally, up 2.5% from the January. 

By the numbers: 

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.45% 

Month-over-month change: 1.96% 

Year-over-year change: -12.56% 

  

Total U.S. foreclosure pre-sale inventory rate: 0.46% 

Month-over-month change: 0.81% 

Year-over-year change: 15.18% 

  

Total U.S. foreclosure starts: 29,000 

Month-over-month change: -9.35% 

Year-over-year change: -4.15% 

  

Monthly prepayment rate (SMM): 0.35% 

Month-over-month change: 6.23% 

Year-over-year change: -71.46% 

  

Foreclosure sales: 7,100 

Month-over-month change: 2.46% 

Year-over-year change: 41.53% 

  

Number of properties that are 30 or more days past due, but not in foreclosure: 1,811,000 

Month-over-month change: 36,000 

Year-over-year change: -235,000 

  

Number of properties that are 90 or more days past due, but not in foreclosure: 562,000 

Month-over-month change: -17,000 

Year-over-year change: -383,000 

  

Number of properties in foreclosure pre-sale inventory: 240,000 

Month-over-month change: 2,000 

Year-over-year change: 34,000 

  

Number of properties that are 30 or more days past due or in foreclosure: 2,050,000 

Month-over-month change: 38,000 

Year-over-year change: -200,000 

  

Top 5 States by Non-Current Percentage: 

Mississippi: 7.94 % 

Louisiana: 7.65 % 

Alabama: 5.80 % 

Arkansas: 5.21 % 

West Virginia: 5.20 % 

  

Bottom 5 States by Non-Current Percentage: 

California: 2.32 % 

Montana: 2.26 % 

Idaho: 2.16 % 

Colorado: 2.10 % 

Washington: 2.05 % 

 

Top 5 States by 90+ Days Delinquent Percentage: 

Mississippi: 2.54 % 

Louisiana: 2.22 % 

Alabama: 1.75 % 

Arkansas: 1.57 % 

Georgia: 1.40 % 

  

Top 5 States by 12-Month Change in Non-Current Percentage: 

Alaska: -24.05 % 

Vermont: -22.36 % 

Connecticut: -19.93 % 

New York: -19.12 % 

District of Columbia: -17.34 % 

  

Bottom 5 States by 12-Month Change in Non-Current Percentage: 

South Dakota: -1.41 % 

Florida: -2.58 % 

Idaho: -2.59 % 

Michigan: -3.60 % 

Utah: -3.75 % 

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