Mortgage Delinquencies Fall Reaching Nine-Year Low
to Black Knight Financial Services mortgage loan delinquencies have
fallen to their lowest level recorded since March 2007. Mortgage
delinquencies dropped 8.37% in March on a month-over-month basis and
12.4% from last year to 4.08%, according to a recently released report
from Black Knight. Looking at total non-current inventory, foreclosures
and delinquencies as a percent of active loans, we can extrapolate a
fall of more than half a million loans from last year. Additionally, the
Black Knight report shows that foreclosure starts fell 13.6% from the
previous month to 72,800 in March on continued repeat foreclosure
activity. Showing a 16.9% decline from last year's figure, the monthly
prepayment rate for the month was 1.3%, a 46% month-over-month increase.
The market continues to look good with this delinquency low as another
indicator of the strength of market conditions and the atmosphere
surrounding home purchases and loan origination and servicing.