Mortgage Delinquencies Improve In October 2020
Black Knight Inc.'s first look data for October 2020 reported that mortgage delinquencies were down to 6.44%, marking the fifth consecutive month where delinquencies saw a decline. However, the report shows that despite the decline, there are still more than 3.4 million delinquency mortgages. Black Knight reported the total number of delinquent mortgages is now close to twice as many as there were entering 2020.
"October's 4,700 foreclosure starts marked a nearly 90% year-over-year reduction as widespread moratoriums remain in place, while active foreclosure inventory set yet another record low at 178,000," according to Black Knight.
"Record-low interest rates again pushed prepayment activity higher, with October's prepayment rate of 3.17% setting the highest single-month mark in more than 16 years"
Additionally, the report revealed the total U.S. foreclosure pre-sale inventory rate was 0.33% and the number of properties that are 90 or more days past due, but not in foreclosure sits at 2,259,000.
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