Eye on Recent Delinquency Rate Increases

first_imgHome / Daily Dose / Eye on Recent Delinquency Rate Increases November 29, 2019 1,496 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Black Knight Delinquency Foreclosure 2019-11-29 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Week Ahead: Nearing the Forbearance Exit 2 days ago This week, Black Knight will be releasing its newest Mortgage Monitor report. In the First Look at October data, Black Knight improved delinquency rates both month-over-month and year-over-year, but rates have been increasing in recent weeks. According to Black Knight, the modest increase in 30-year rates in recent weeks, coupled with seasonal slowing in home sales, may dampen prepayment rates in the coming months.For now, Black Knight notes that mortgage prepayments continued to rise, climbing another 16% from September to hit the highest level since May 2013. That puts prepayments up 134% since this time last year as the refi surge continues.Despite the slight setback, the delinquency rate is now within 0.03% of the record low set back in May at 3.39%, down 3.8% from September and nearly 7% from last year.Meanwhile, serious delinquencies (all loans 90 or more days delinquent but not yet in foreclosure) continue to improve as well. Down 10K from last month and 66K from last year, there are now 433K serious delinquencies, a more than 14-year low.Black Knight also identified the top five and bottom five states by non-current percentage. The top states, with the highest percentage of non-current mortgages, were Mississippi (10.18%), Louisiana (7.72%), Alabama (6.68%), West Virginia (6.34%), and Arkansas (6.13%). Mississippi, Louisiana, Alabama, and Arkansas all also posted the highest percentages of loans 90 days or more delinquent, along with Tennessee.The bottom five states were Colorado (1.73%), Washington (1.81%), Oregon (1.86%), Idaho (1.96%), and California (2.01%). Washington and California also saw some of the biggest improvements in delinquency rates, with rates dropping by 10.89% and 10.58%, respectively. Alaska saw the biggest improvements in the nation, as delinquency rates in the state dropped by 15.67% in October.Here’s what else is happening in The Week AheadCensus Bureau Construction Spending Report (December 2)Banking, Housing, and Urban Affairs Hearing (December 5)Consumer sentiment index (December 6)BLS Employment Data (December 6) Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: Black Knight Delinquency Foreclosure Related Articles Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Previous: The Asset Generating Power of SFR Next: Investment Update: Rents on the Rise Eye on Recent Delinquency Rate Increases Sign up for DS News Daily Subscribelast_img

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