by Bill McBride on 3/23/2017 07:00:00 AM
• Prepayment speeds (historically a good indicator of refinance activity) declined 15 percent in February, marking a 40 percent overall year-to-date decline and the lowest monthly rate in three years
• Delinquencies continued their seasonal decline, ticking down .98 percent from January
• Foreclosure starts fell 18 percent from last month to 31 percent below last year’s levels
• Active foreclosure inventory now stands at 470,000, the lowest such level since June 2007
According to Black Knight's First Look report for February, the percent of loans delinquent decreased 1.0% in February compared to January, and declined 5.5% year-over-year.
The percent of loans in the foreclosure process declined 1.9% in February and were down 28.5% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.21% in February, down from 4.25% in January.
The percent of loans in the foreclosure process declined in February to 0.93%.
The number of delinquent properties, but not in foreclosure, is down 117,000 properties year-over-year, and the number of properties in the foreclosure process is down 185,000 properties year-over-year.
Still improving, but the improvement has slowed.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||2,135,000||2,162,000||2,252,000||2,671,000|
|Number of properties in foreclosure pre-sale inventory:||470,000||481,000||655,000||866,000|