All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. – Ap– Black Knight, Inc. (NYSE:BKI) reports the following “first look” at March 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. The prepayment rate (SMM) rose to 0.50% (+44% month over month) driven, as anticipated, by seasonal tailwinds in sale-related prepayments and an increased demand for refis due to falling rates.Active foreclosure inventory held steady, but remains 31K (12%) below March 2020 levels.Both foreclosure starts (+9.0%) and sales (+4.6%) rose in the month but still remain well below pre-pandemic volumes at the national level.Likewise, every state saw overall delinquencies fall in March, with improvements ranging from 11.9% in Washington to 21.5% in Vermont.Serious delinquencies (90+ days past due) showed marked improvement, falling by 51K to their lowest level since March 2020, with volumes shrinking in every state.Factoring in March’s decline, the total number of past-due mortgages (including active foreclosures) has fallen to its lowest level in nearly 23 years, dating all the way back to April 2000.While delinquency rates almost always fall in March – as borrowers utilize tax refunds and other seasonal revenues to pay down past-due debt – the drop marked the second largest decline in the past 17 years.The national delinquency rate dropped 53 basis points (-15%) in March, falling below 3% for the first time on record, ending the month at just 2.92%.
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