• Foreclosure starts fell 25% from January 2020, and 20% from the year prior, hitting their lowest level on record since Black Knight began publicly reporting the metric in January 2000
• The national foreclosure rate also ticked lower in February, falling to 0.45%; the lowest it’s been since 2005, and within one basis point of an all-time low
• Delinquencies were up slightly from January, but remain more than 15% below last year’s levels
• Prepayment activity rose by nearly 8% month-over-month as early 2020 rate declines have begun to impact refinance activity
According to Black Knight’s First Look report for February, the percent of loans delinquent increased 2.0% in February compared to January, and decreased 15.6% year-over-year.
The percent of loans in the foreclosure process decreased 2.5% in February, and were down 11.2% over the last year.
Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 3.28% in February, up from 3.22% in January.
The percent of loans in the foreclosure process was decreased to 0.456% from 0.46% in January.
|Black Knight: Percent Loans Delinquent and in Foreclosure Process|
|Number of properties:|
|Number of properties that are delinquent, but not in foreclosure:||1,737,000||1,705,000||2,019,000||2,198,000|
|Number of properties in foreclosure pre-sale inventory:||239,000||246,000||264,000||331,000|
|Total Properties Delinquent or in foreclosure||1,976,000||1,951,000||2,284,000||2,528,000|