Black Knight: Delinquencies at Highest Level Since 2011

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Black Knight Inc.’s analysis of month-end May 2020 mortgage performance statistics shows that another 723,000 homeowners became past due on their mortgages last month, pushing the national delinquency rate to its highest level in 8.5 years.

There are now 4.3 million homeowners past due on their mortgages or in active foreclosure – including those in forbearance who have missed scheduled payments as part of their plans – up from 2 million at the end of March.

Serious delinquencies are on the rise as well, increasing by more than 50% over the past two months, according to Black Knight.

The company’s McDash Flash Payment Tracker, however, shows that a higher share of payments have been made thus far in June than at the same time in May, suggesting the rise in delinquencies may be leveling off.

In May, both foreclosure starts and sales (completions), halted by COVID-19 moratoriums, remain at record lows. In fact, the share of homeowners in active foreclosure has fallen to its lowest level on record since Black Knight began reporting the figure in January 2000.

The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) in May was 7.76%: up 20.43% month over month and up 130.78% year over year.

Total U.S. foreclosure pre-sale inventory rate was 0.38%: down 5.8% month over month and down 22.7% year over year.

The top states by non-current percentage are Mississippi, Louisiana, New York, New Jersey and Florida.

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