The U.S. mortgage delinquency rate reached 3.31% in April – an increase of 13% compared with March and up 2.11% compared with April 2022, according to Black Knight’s First Look report.
Most of the increase was early-stage delinquencies (30 days past due).
As of the end of April, there were roughly 1.746 million properties 30 days or more past due. That’s up by 207,000 compared with the previous month and up about 61,000 from a year earlier.
About 502,000 properties were seriously delinquent (90 days or more past due but not in foreclosure), down about 10,000 compared with March and down about 251,000 compared with April 2022.
Black Knight notes that because the month ended on a Sunday, it impacted the processing of payments.
There were roughly 25,000 foreclosure starts in April – down about 23% compared with March and down about 32% compared with a year earlier.
The foreclosure pre-sale inventory rate was 0.44% – down 2.6% compared with March but up 4.6% compared with April 2022.
As of the end of the month there were about 234,000 properties in the foreclosure pre-sale inventory, down by about 6,000 month-over-month, but up 14,000 year-over-year.
The prepayment rate stood at 0.44%, down 12.5% compared with the previous month and down 58.5% compared with a year ago.
Photo: Behnam Norouzi
