by Calculated Risk on 7/22/2021 02:01:00 PM
Note: At the beginning of the pandemic, the delinquency rate increased sharply (see table below). Loans in forbearance are counted as delinquent in this survey, but those loans are not reported as delinquent to the credit bureaus.
o Despite the improvement, there are more than 1.5 million homeowners 90 or more days past due on their mortgages but who are not in foreclosure, still nearly four times pre-pandemic levels
o Serious delinquency rates remain elevated by more than a full percentage point across all 50 states, with Hawaii and Nevada serious delinquency rates remaining elevated by 3.4 percentage points
o Though serious delinquencies remain significantly elevated, the share of mortgages in active foreclosure fell to yet another record low in June at 0.27%
o Recent pullbacks in interest rates resulted in prepayment activity edging upward for the first time in three months
According to Black Knight’s First Look report, the percent of loans delinquent decreased 7.6% in June compared to May, and decreased 42% year-over-year.
The percent of loans in the foreclosure process decreased 1.7% in June and were down 24% 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 4.37% in June, down from 4.73% in May.
The number of delinquent properties, but not in foreclosure, is down 1,714,000 properties year-over-year, and the number of properties in the foreclosure process is down 47,000 properties year-over-year.
Black Knight: Percent Loans Delinquent and in Foreclosure Process June
2019Delinquent4.37%4.73%7.59%3.73%In Foreclosure0.27%0.28%0.36%0.50%Number of properties:Number of properties
that are delinquent,
but not in foreclosure:2,320,0002,511,0004,034,0001,950,000Number of properties
pre-sale inventory:145,000148,000192,000259,000Total Properties2,466,0002,659,0004,226,0002,209,000