Black Knight, Inc. (NYSE:BKI) reports the following “first look” at May 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
- The national delinquency rate fell five basis points from April to 2.75% in May, continuing the downward trend in overall delinquencies of the prior two months and marking yet another new low
- Following typical seasonal patterns, early-stage delinquencies – borrowers who have missed a single mortgage payment – edged marginally higher (+0.2%) month over month
- While serious delinquencies saw strong improvement – falling 7% from April – the population of such loans (those 90 or more days past due but not yet in foreclosure) remains 45% above pre-pandemic levels
- Despite elevated serious delinquency levels, foreclosure starts dropped 12% from April and continue to hold well below pre-pandemic levels while active foreclosures edged slightly higher
- Prepayment activity fell by 11.1% from the prior month and is now down 59.1% year over year on sharply higher interest rates
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.75%
Month-over-month change: -1.93%
Year-over-year change: -41.96%
Total U.S. foreclosure pre-sale inventory rate: 0.33%
Month-over-month change: 1.03%
Year-over-year change: 17.55%
Total U.S. foreclosure starts: 18,800
Month-over-month change: -12.15%
Year-over-year change: 394.74%
Monthly prepayment rate (SMM): 0.88%
Month-over-month change: -11.13%
Year-over-year change: -59.16%
Foreclosure sales as % of 90+: 0.50%
Month-over-month change: 8.61%
Year-over-year change: 305.57%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,461,000
Month-over-month change: -35,000
Year-over-year change: -1,050,000
Number of properties that are 90 or more days past due, but not in foreclosure: 595,000
Month-over-month change: -45,000
Year-over-year change: -1,074,000
Number of properties in foreclosure pre-sale inventory: 174,000
Month-over-month change: 1,000
Year-over-year change: 26,000
Number of properties that are 30 or more days past due or in foreclosure: 1,635,000
Month-over-month change: -34,000
Year-over-year change: -1,024,000