Black Knight: Early Stage Mortgage Delinquencies Increased in February
Industry Update
March 27, 2023
Source: MortgageOrb
Roughly 3.45% of all U.S. mortgages were delinquent in February – an increase of 1.96% compared with January but down 12.56% compared with February 2022, according to Black Knight’s First Look report.
Most of the increase was early stage delinquencies.
As of the end of February roughly 1.81 million mortgages were 30 days or more past due, but not in foreclosure, according to the report. That’s an increase of about 36,000 compared with the previous month but down by about 235,000 compared with a year earlier.
Serious delinquencies (90 days or more past due but not in foreclosure) numbered about 562,000, down about 17,000 compared with the previous month and down by about 383,000 compared with a year earlier.
As of the end of the month there were about 240,000 properties in the foreclosure pre-sale inventory – an increase of 2,000 or 0.81% compared with the previous month and up about 34,000 or 15.8% compared with February 2022.
There were about 29,000 foreclosure starts in February, down about 9.35% compared with January and down about 4.15% compared with February 2022.
The monthly prepayment rate was 0.35%. That’s up 6.23% compared with the previous month but down 71.46% compared with a year earlier. This increase broke a four-month streak of record lows, with relief likely to extend as the spring homebuying season takes hold, Black Knight says.
For full report, please click the source link above.