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Mortgage Delinquencies Top 3%, Foreclosure Starts Up 19% Month-Over-Month

delinquent property inspection, foreclosure inspections

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% 

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