• At 58,700, April 2016 saw the lowest number of foreclosure starts since April 2006
• National delinquency rate is up from a 9-year low in March, but still 10 percent below last year’s level
• Prepayment speeds (historically a good indicator of refinance activity) fell in April, despite interest rates being near 3-year lows
• Active foreclosure inventory has now dropped below 600,000 for the first time since 2007
According to Black Knight’s First Look report for April, the percent of loans delinquent increased 3.8% in April compared to March, and declined 10.3% year-over-year.
The percent of loans in the foreclosure process declined 5.9% in April and were down 27.8% 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 4.24% in April, up from 4.08% in Maarch.
The percent of loans in the foreclosure process declined in April 1.17%.
The number of delinquent properties, but not in foreclosure, is down 235,000 properties year-over-year, and the number of properties in the foreclosure process is down 225,000 properties year-over-year.
Black Knight will release the complete mortgage monitor for April on June 6th.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||2,146,000||2,062,000||2,381,000||2,813,000|
|Number of properties in foreclosure pre-sale inventory:||595,000||631,000||820,000||1,064,000|