Mortgage Delinquencies Top 3%, Foreclosure Starts Up 19% Month-Over-Month
January 04, 2023
Black Knight’s “first look” at November 2022 mortgage performance statistics revealed that prepayment activity dropped 15.6% to a rate of 0.4%, the lowest rate recorded in the history of the report.
Overall, the national delinquency rate rose 3.5% from October 2022 to a rate of 3.01%, mainly driven by a 31,000 file increase (or 3.9%) in 30-day delinquencies and a 25,000 file rise in 60-day delinquencies.
Looking specifically at Florida, the delinquency rate rose another 18 basis points in the month to 3.60% as the impact of Hurricane Ian on homeowners' ability to make mortgage payments continues.
Foreclosure proceedings were started on 4.3% of serious delinquencies, up from October, but 44% less than the rate seen in the years leading up to the COVID-19 pandemic. Active foreclosure inventory rose 5.3%, though 2022 volumes remain subdued after the record lows of 2021 due to widespread moratoriums and forbearance protections.
By the numbers:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.01%
Month-over-month change: 3.46%
Year-over-year change: -16.18%
Total U.S. foreclosure pre-sale inventory rate: 0.37%
Month-over-month change: 5.29%
Year-over-year change: 46.60%
Total U.S. foreclosure starts: 23,400
Month-over-month change: 19.39%
Year-over-year change: 532.43%
Monthly prepayment rate (SMM): 0.40%
Month-over-month change: -15.57%
Year-over-year change: -77.26%
Foreclosure sales as % of 90+: 0.55%
Month-over-month change: -6.73%
Year-over-year change: 109.66%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,612,000
Month-over-month change: 55,000
Year-over-year change: -294,000
Number of properties that are 90 or more days past due, but not in foreclosure: 550,000
Month-over-month change: -1,000
Year-over-year change: -476,000
Number of properties in foreclosure pre-sale inventory: 196,000
Month-over-month change: 10,000
Year-over-year change: 64,000
Number of properties that are 30 or more days past due or in foreclosure: 1,808,000
Month-over-month change: 65,000
Year-over-year change: -231,000
Top five states by non-current percentage:
Mississippi: 6.70%
Louisiana: 6.08%
Oklahoma: 5.03 %
Alabama: 4.76 %
West Virginia: 4.66 %
Bottom five states by non-current percentage:
Oregon: 2.06 %
Colorado: 1.98 %
California: 1.90 %
Idaho: 1.79 %
Washington: 1.69 %
Top five states by 90+ days delinquent percentage:
Mississippi: 2.32%
Louisiana: 1.90%
Alabama: 1.62%
Arkansas: 1.53%
Oklahoma: 1.50%
Top five states by six-month change in non-current percentage:
Alaska: -20.97%
Hawaii: -8.34%
New York: -6.90%
New Hampshire: 1.28%
Maine: 3.04%
Bottom five States by six-month change in non-current percentage:
Florida: 24.63%
Arizona: 21.03%
Wyoming: 16.96%
Iowa: 15.97%
South Dakota: 15.58%