Black Knight's First Look: Mortgage Delinquencies Hit Record Low in March, While Prepayments Rose on Easing Rates and Seasonal Tailwinds
- The national delinquency rate dropped 53 basis points (-
15% ) in March, falling below3% for the first time on record, ending the month at just2.92% - While delinquency rates almost always fall in March – as borrowers utilize tax refunds and other seasonal revenues to pay down past-due debt – the drop marked the second largest decline in the past 17 years
- Factoring in March's decline, the total number of past-due mortgages (including active foreclosures) has fallen to its lowest level in nearly 23 years, dating all the way back to
April 2000 - Serious delinquencies (90+ days past due) showed marked improvement, falling by 51K to their lowest level since
March 2020 , with volumes shrinking in every state - Likewise, every state saw overall delinquencies fall in March, with improvements ranging from
11.9% inWashington to21.5% inVermont - Both foreclosure starts (+
9.0% ) and sales (+4.6% ) rose in the month but still remain well below pre-pandemic volumes at the national level - Active foreclosure inventory held steady, but remains 31K (
12% ) belowMarch 2020 levels - The prepayment rate (SMM) rose to
0.50% (+44% month over month) driven, as anticipated, by seasonal tailwinds in sale-related prepayments and an increased demand for refis due to falling rates
Total
Month-over-month change: -
Year-over-year change: -
Total
Month-over-month change: -
Year-over-year change:
Total
Month-over-month change:
Year-over-year change: -
Monthly prepayment rate (SMM):
Month-over-month change:
Year-over-year change: -
Foreclosure sales: 7,500
Month-over-month change:
Year-over-year change:
Number of properties that are 30 or more days past due, but not in foreclosure: 1,539,000
Month-over-month change: -272,000
Year-over-year change: -209,000
Number of properties that are 90 or more days past due, but not in foreclosure: 511,000
Month-over-month change: -51,000
Year-over-year change: -331,000
Number of properties in foreclosure pre-sale inventory: 240,000
Month-over-month change: 0
Year-over-year change: 31,000
Number of properties that are 30 or more days past due or in foreclosure: 1,779,000
Month-over-month change: -272,000
Year-over-year change: -178,000
Top 5 States by Non-Current* Percentage
7.05 % | |
6.61 % | |
5.13 % | |
4.55 % | |
4.53 % |
Bottom 5 States by Non-Current* Percentage
2.03 % | |
1.95 % | |
1.86 % | |
1.83 % | |
1.80 % |
Top 5 States by 90+ Days Delinquent Percentage
2.36 % | |
1.98 % | |
1.62 % | |
1.43 % | |
1.30 % |
Top 5 States by 12-Month Change in Non-Current* Percentage
-28.18 % | |
-24.48 % | |
-21.67 % | |
-18.90 % | |
-18.77 % |
Bottom 5 States by 12-Month Change in Non-Current* Percentage
-0.60 % | |
-0.93 % | |
-4.01 % | |
-4.66 % | |
-5.17 % |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
- Totals are extrapolated based on
Black Knight's loan-level database of mortgage assets. - All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
For a more detailed view of this month's "first look" data, please visit the
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