Black Knight’s “first look” at November 2022 mortgage delinquencies and 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%
