Delinquencies Rebound from January’s Spike

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Tagged with: Black Knight Financial Services First Look at Mortgage Data Foreclosures Mortgage Delinquencies Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Delinquencies Rebound from January’s Spike Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Share Save in Daily Dose, Featured, News Subscribe Previous: Is Regulation Hurting the Affordability of Housing? Next: Deciphering TRID Through Communication Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Black Knight Financial Services First Look at Mortgage Data Foreclosures Mortgage Delinquencies 2016-03-23 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 23, 2016 1,433 Views Just one month after experiencing a substantial spike, the number of 30-day delinquencies normalized in February, according to Black Knight’s “First Look” at Mortgage Data for February 2016 released Wednesday.Delinquencies, defined as mortgage loans 30 days or more overdue but not in foreclosure, fell by 13 percent over-the-month and by 16 percent over-the-year in February as the nationwide delinquency rate (4.45 percent) fell to its lowest level since April 2007.This decline came just one month after delinquencies rose by 6.6 over-the-month in January up to 5.09 percent, the first time the delinquency rate has been over 5 percent in 11 months. That increase represented about 167,000 properties. February’s over-the-month decline represented about 323,000 properties, down to approximately 2.25 million.Why did delinquencies reverse their field in February after hitting an 11-month high in January?“There are few factors contributing to February’s rebound in mortgage delinquencies,” said Ben Graboske, SVP of Black Knight Data and Analytics. “The first is calendar based: We typically see strong recovery in the months following Sunday month ends, and the payments that weren’t able to be processed in the last two calendar days of January were processed in early February. Secondly, we’re approaching the historical seasonal low for delinquencies in March. Finally, recent vintages continue to show strong performance, while we also see ongoing improvement in new troubled loan volumes from crisis vintages.”The number of properties in pre-sale foreclosure inventory declined by nearly 25 percent over-the-year in February, down to 655,000. The total non-current inventory (all mortgages 30 days or more overdue, including those in foreclosure) fell by about 327,000 over-the-year down to 2.9 million—the first time in more than eight years it has been below 3 million. Only two states, California and North Dakota, have seen their non-current inventories increase over the past six months.Foreclosure starts were another story, however. The number of foreclosures started in February totaled 84,300, which was a 17 percent increase from January and a 9 percent increase over-the-year. The monthly increase was driven by a large number of repeat foreclosures in New York, New Jersey, and Massachusetts, according to Black Knight.Click here to view the entire First Look at Mortgage Data for February 2016. About Author: Brian Honea Home / Daily Dose / Delinquencies Rebound from January’s Spike The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more