Skip to main content

Mortgage Delinquencies, Foreclosure Starts Edged Up In June

Sarah Wolak
Jul 25, 2022
Black Knight June 2022

Black Knight’s First Look report for June said that these levels still remain below pre-pandemic levels.

KEY TAKEAWAYS
  • The U.S. mortgage delinquency ticked up 9 basis points last month, but is still down 35% year-over-year.
  • Foreclosure starts were up 27% in June, while still being 40% below pre-pandemic levels.

Black Knight reported its first look at June 2022’s month-end mortgage performance statistics. While the full report won’t be available until Aug. 1, Black Knight said mortgage delinquencies and foreclosures both had upticks in June.

After setting consecutive record lows in each of the past three months, the U.S. mortgage delinquency ticked up 9 basis points last month. However, delinquencies are still down 35% from this time last year.

Foreclosure starts were also up 27% in June, which is still 40% below pre-pandemic levels, marking a 441% year-over-year increase. The foreclosure process was started on the highest share (4%) of serious delinquencies since March 2020, but that’s less than half the “normal” rate seen in the years leading up to the pandemic.

Black Knight also evaluated borrower activity, and reported that the number of borrowers with a single payment past due rose 5%, while serious delinquencies (loans 90 or more days past due but not yet in active foreclosure) broke a 21-month streak of improvement and saw a 1% uptick from May. The number of borrowers in active foreclosure rose by 16,000, Black Knight said. 

Prepayments fell another 7% from May, as rising interest rates continued to put downward pressure on both purchase and refi lending. Overall, Black Knight says, prepay activity is now down 64% year over year.

Published
Jul 25, 2022
Mortgage Rates Spike For 6th Straight Week

Freddie Mac survey finds 30-year fixed-rate mortgages now average 6.7%, more than double the rate at this point last year.

Analysis and Data
Sep 29, 2022
Zillow Panelists Predict A Buyers Market By End Of 2023

A panel of 107 housing market experts and economists predicted rent growth and inflation to outpace home appreciation.

Analysis and Data
Sep 29, 2022
Appraisers Share Biggest Challenges In Recent NAR Survey

Lack of inventory, declining housing affordability cited most often.

Analysis and Data
Sep 28, 2022
NAR: Pending Home Sales Fall For 3rd Straight Month

Index fell 2% in August from July, and is down 24.2% year over year.

Analysis and Data
Sep 28, 2022
Homebuyers Challenged By Mortgage Rate 'Whiplash'

Redfin says a house hunter looking for a $500,000 home saw their potential total mortgage payment decrease $64,000 from July to August, but jump up $118,000 from August to September.

Analysis and Data
Sep 28, 2022
Mortgage Applications Follow 1st Weekly Increase With Similar Decline

After rising nearly 4% the previous week, applications fell nearly 4% last week as interest rates rose.

Analysis and Data
Sep 28, 2022