Home News U.S. Foreclosure Starts Up More Than 440% Year-Over-Year

U.S. Foreclosure Starts Up More Than 440% Year-Over-Year

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Black Knight Inc. has released the latest version of its June 2022 Mortgage Monitor Report, First Look. This report looks at delinquency and foreclosure rates across the United States.

According to Black Knight, the national delinquency rate rose to 2.84% in June, ending the downtrend that has been felt in the last few months. The delinquency rate was 2.75% in May, 2.80% in April and 2.84% in March.

Looking at the start of foreclosures in particular, the indicator increased by 26.6% on a monthly basis in June, but increased by 440.91% year-on-year. The start also represents the highest share (4%) of serious delinquency since March 2020, but less than half of the percentage of years leading up to the pandemic.

In addition, active foreclosure inventories increased by 16,000 units as volumes continued to decline slowly from record lows brought about by the pandemic moratorium and tolerance program.

Here are some notable statistics from the report:

Total US Loan Delinquency Rate (Loans Overdue for More Than 30 Days But Not Foreclosed): 2.84%

  • Monthly changes: 3.31%
  • Year-on-year change: -35.10%

Total pre-sales inventory rate for US foreclosures: 0.36%

  • Monthly changes: 8.73%
  • Year-on-year change: 30.05%

National foreclosure begins: 23,800

  • Monthly changes: 26.60%
  • Year-on-year change: 440.91%

Monthly prepayment rate (SMM): 0.81%

  • Monthly changes: -7.07%
  • Year-on-year change: -64.27%

Foreclosure sales as 90+%: 0.53%

  • Monthly changes: 6.15%
  • Year-on-year change: 328.83%

Number of properties that are overdue for more than 30 days but have not been seized: 1,511,000

  • Monthly changes: 50,000
  • Year-on-year change:-809,000

Number of properties that are over 90 days old but have not been seized: 599,000

  • Monthly changes: 4,000
  • Year-on-year change: -951,000

Number of properties in pre-sale inventory of mortgage flow: 190,000

  • Monthly changes: 16,000
  • Year-on-year change: 45,000

Number of properties that are over 30 days old or have been seized: 1,700,000

  • Monthly changes: 65,000
  • Year-on-year change: -766,000

Top 5 states by non-current percentage:

  • Mississippi: 6.41%
  • Louisiana: 5.65%
  • Alabama: 4.72%
  • Oklahoma: 4.69%
  • West Virginia: 4.68%

Bottom 5 states by non-current percentage:

  • Utah: 1.95%
  • Colorado: 1.86%
  • California: 1.80%
  • Washington: 1.66%
  • Idaho: 1.66%

Top 5 states with over 90 days delinquency rate:

  • Mississippi: 2.43%
  • Louisiana: 2.11%
  • Alabama: 1.77%
  • Alaska: 1.62%
  • Maryland: 1.59%

Top 5 states due to 6-month change in non-current proportions

  • Washington District: 21.83%
  • Hawaii: 21.82%
  • Nevada: 20.56%
  • Louisiana: 19.99%
  • Washington: 18.38%

Bottom 5 states every 6 months at a non-current * rate:

  • North Dakota: 1.91%
  • Iowa: -2.50%
  • Main: -3.20%
  • Kansas: -4.71%
  • Missouri: -5.00%

click here View the entire data.

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