by Calculated Risk on 10/21/2022 08:11:00 AM
o The national delinquency rate inched down -0.2% from August to 2.78%, just 3 basis points above the record low set in May 2022, with the number of past-due mortgages holding relatively steady across the board
o The number of borrowers a single payment past due rose by 1%, while 90-day delinquencies fell -1.5 % in September and are now only 24% above the pre-pandemic serious delinquency rate
o Foreclosure starts fell 9% from August to 18,400 – 53% below pre-pandemic levels – with starts initiated on 3% of serious delinquencies, still less than half the rate of the years leading up to the pandemic
o Active foreclosure inventory held steady in the month at volumes that have remained subdued in early 2022 after the record lows of 2021 due to widespread moratoriums and forbearance protections
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 0.2% in September compared to August and decreased 29% year-over-year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.78% in September, down from 2.79% in August.
2020Delinquent2.78%2.79%3.91%6.66%In Foreclosure0.35%0.35%0.26%0.34%Number of properties:Number of propertiesthat are delinquent,but not in foreclosure:1,491,0001,489,0002,068,0003,542,000Number of propertiesin foreclosurepre-sale inventory:185,000185,000135,000181,000Total Properties1,677,0001,674,0002,203,0003,722,000