Home Foreclosure Delinquent mortgages fall to third consecutive record high in May 2022

Delinquent mortgages fall to third consecutive record high in May 2022

0

Dark Knight, Inc. (NYSE: BKI) reports the following “first look” at May 2022 month-end mortgage yield statistics drawn from its loan-level database representing the majority of the national mortgage market.

  • The national delinquency rate fell five basis points from April to 2.75% in May, continuing the downward trend in overall delinquencies from the previous two months and hitting a new low.
  • Following typical seasonal patterns, early-stage delinquencies – borrowers who missed a single mortgage payment – increased slightly (+0.2%) month-over-month
  • While serious delinquencies have seen a strong improvement – ​​down 7% from April – the population of such loans (those overdue by 90 days or more but not yet in foreclosure) remains 45% above pre-pandemic levels
  • Despite high levels of serious delinquency, foreclosures fell 12% from April and continue to hold well below pre-pandemic levels, while active foreclosures increased slightly
  • Prepayment activity fell 11.1% from the previous month and is now down 59.1% year-on-year due to the sharp rise in interest rates

U.S. Total Delinquent Loan Rate (loans past due 30 days or more but not foreclosed): 2.75%
Month-to-month change: -1.93%
Year-over-year change: -41.96%

Total pre-sale inventory rate in the United States: 0.33%
Month-to-month change: 1.03%
Year-over-year change: 17.55%

Total number of seizures in the United States: 18,800
Month-on-month change: -12.15%
Year-over-year change: 394.74%

Monthly prepayment rate (SMM): 0.88%
Month-on-month change: -11.13%
Year-over-year change: -59.16%

Foreclosure sales in % of 90+: 0.50%
Month-to-month change: 8.61%
Year-over-year change: 305.57%

Number of properties overdue for 30 days or more but not seized: 1,461,000
Month-to-month change: -35,000
Year-over-year change: -1,050,000

Number of properties overdue for 90 days or more but not seized: 595,000
Month-to-month change: -45,000
Year-over-year change: -1,074,000

Number of properties in foreclosure pre-sale inventory: 174,000
Month-to-month change: 1,000
Year-over-year change: 26,000

Number of properties overdue for 30 days or more or in foreclosure: 1,635,000
Month-to-month change: -34,000
Year-over-year change: -1,024,000