2021 ends with foreclosures at an all time low and near record high crime rate; Serious crime still more than twice pre-pandemic levels
-At 3.38% at the start of January, the national crime rate is just 0.1% above the all-time high of 3.28% in February 2020, just before the start of the pandemic
-However, there remain more than half a million serious excess payment arrears – borrowers are 90 days or more behind on their mortgages, including those in active forbearance – more than double pre-pandemic levels
-Only 0.24% of loans are in active foreclosure in December – an all-time low – with 4,100 foreclosures in the month starting around 90% below December 2019 levels
-While about twice as many foreclosure sales (completions) occurred in the month compared to December 2020, there were only a third compared to December 2019 before the pandemic
-Given the large number of borrowers who have exited forbearance protections in recent months, the industry needs to watch very closely for foreclosure measures going forward in 2022
– Prepayment activity fell more than 7% in December and is poised to fall further as rising rates continue to erode the incentive to refinance
JACKSONVILLE, Florida., January 21, 2022 /PRNewswire/ — Dark Knight, Inc. (NYSE:BKI) reports the following “first look” at December 2021 month-end mortgage yield statistics drawn from its loan-level database representing the majority of the national mortgage market.
U.S. Total Delinquent Rate (loans 30 days or more past due but not foreclosed): 3.38%
Month-to-month change: -5.88%
Year-over-year change: -44.46%
Total pre-sale inventory rate in the United States: 0.24%
Month-on-month change: -3.80%
Year-over-year change: -27.98%
Total number of seizures in the United States: 4,100
Month-to-month change: 10.81%
Year-over-year change: -42.25%
Monthly prepayment rate (MMS): 1.65%
Month-on-month change: -7.31%
Year-over-year change: -47.60%
Foreclosure sales in % of 90+: 0.29%
Month-to-month change: 12.07%
Year-over-year change: 324.16%
Number of properties overdue for 30 days or more but not seized: 1,799,000
Month-to-month change: -107,000
Year-over-year change: -1,452,000
Number of properties overdue for 90 days or more but not seized: 946,000
Month-to-month change: -80,000
Year-over-year change: -1,200,000
Number of properties in foreclosure pre-sale inventory: 128,000
Month-to-month change: -4,000
Year-over-year change: -50,000
Number of properties overdue for 30 days or more or in foreclosure: 1,927,000
Month-to-month change: -112,000
Year-on-year change: -1,502,000
Top 5 States by Non-Current Percentage*
West Virginia: 5.37%
Bottom 5 States by Non-Current Percentage*
Top 5 States by Percentage of 90+ Day Offenders
Top 5 States by 6-Month Improvement in Non-Current Percentage*
Top 5 states by 6-month deterioration in non-current percentage*
West Virginia: -12.10%
*Non-current totals combine foreclosures and delinquencies as a percentage of active loans in that state.
Totals are extrapolated based on Black Knight’s mortgage database.
All integers are rounded to the nearest thousand, except for foreclosure starts, which are rounded to the nearest hundred.
For a more detailed view of this month’s “first look” data, please visit the Dark Knight Newsroom. The company will provide a more in-depth look at this data in its monthly Mortgage Monitor report, which includes an analysis of the data supplemented by detailed charts and graphs that reflect trends and point observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ through February 7, 2022. For more information on accessing Black Knight’s Loan Level Database, please email [email protected]
About the Dark Knight
Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage and real estate lending and servicing industries, as well as in capital markets and secondary. Businesses leverage our robust integrated solutions across the homeownership lifecycle to help retain existing customers, win new customers, mitigate risk and operate more efficiently.
Our customers rely on our proven, comprehensive, and scalable products and our unwavering commitment to providing superior customer support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.
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SOURCEBlack Knight, Inc.