The rate of mortgage delinquencies in the United States continued its steady improvement in November with a 4.1% decline in delinquencies that matched the 18-month average rate of reduction.
That’s the word from Black Knight, which produced its monthly First Look at mortgage delinquencies nationwide.
In addition to the monthly decline, delinquencies also were down 43.29% from a year earlier.
The report noted that despite serious delinquencies — which include loans 90 or more days past due but not yet in foreclosure — falling another 80,000 from October, over 1 million such delinquencies remain. That’s 2.5 times more than at the start of the pandemic, Black Knight said.
Both foreclosure starts (3,700) and active foreclosure inventory (132,000) hit new record lows in November, as borrowers continue to work through available forbearance and loss mitigation options, the company said. The 3,700 foreclosure starts represented a decline of 7.5% from October, as well as being nearly 16% fewer than in November 2020.
Meanwhile, more than 800,000 forbearance exits have occurred over the past 60 days, with nearly 560,000 homeowners remaining in post-forbearance loss mitigation programs. Given the size of this population, both serious delinquency and foreclosure metrics demand close attention as 2022 begins, Black Knight said.
Overall nationwide, the number of properties 30 or more days past due, but not in foreclosure, total 1,906,000, down 80,000 or 4.02% from October. The total also was down 1,475,000 or 43.6% from a year earlier.
The number of properties 90 or more days past due, but not yet in foreclosure, total 1,026,000, down 80,000 or 7.2% from October. The total also was down 53.2% from a year earlier.
Black Knight Inc. is a software, data and analytics company serving the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets.
To read the full report, visit www.blackknightinc.com.
