Black Knight has released its first look at September mortgage data
Mortgage performance continues to strengthen despite a seasonal uptick in the national delinquency rate last month.
September’s mortgage data from Black Knight shows a 2.13% seasonal rise to 3.53% but on a year-over-year basis there was a decline of 11.2%, the largest annual decline in 8 months.
That means that there were 1,854,000 US homes at least 30 days past due but not in foreclosure, up 41K from August but down 195K from September 2018.
Serious delinquencies (90+ days past due but not in foreclosure) were down 1,000 month-over-month and 70,000 year-over-year to a total of 443,000.
The number of homes in active foreclosure inventory fell to its lowest rate since 2005.
There were 252,000 homes in pre-sale foreclosure inventory (0.48%), down 0.36% month-over-month and 7.68% year-over-year, while foreclosure starts totaled 39,400.
Western states – Colorado, Oregon, Washington, Idaho, and California – continue to hold the nation’s lowest non-current rates (all delinquencies plus active foreclosures).
Prepayment activity rises with refis
There was also a rise in prepayment activity as refinances continue to increase.
Prepayment activity (SMM) rose by 3% from August despite facing headwinds from the typical seasonal decline in home sale-related prepayments.
That means that prepays are now up 121% from the same time last year as falling rates continue to spur refinance activity.
