Jacksonville, Florida— Black Knight Financial Services’ data show a downward shift of mortgage delinquencies in May 2017 following April’s uptick. It fell 7.13 percent month-over-month, according to BKFS’ First Look data.
Prepayment activity also increased, soaring up 23 percent from the previous month. This currently is a record high within the first half of 2017. The prepayment activity is one prime indicator for refinancing activity.
National Delinquency Plummets
The nation’s total mortgage delinquency rate is at 3.79 percent. This means a 7.13 decrease month-over-month. Compared to the same period last year, it has gone down by 10.78 percent.
Currently, there are 1,927,000 properties that are past due 30 days or more but have not reached the point of foreclosure. Comparing it from the previous month, that’s 145,000 lesser in numbers.
The number of homes which are 90 days or more past due, but has not reached foreclosure yet, is 562,000. That is lesser by 12,000 compared to April of 2017, and 153,000 lesser compared to the same period a year ago.
Mississippi Tops Among States with Most ‘90+ Day Mortgage Delinquency’
Mississippi has the most number of properties that are delinquent 90 days or more, at 3.10 percent. Completing the top five states are Louisiana with 2.56 percent, Alabama with 2.56 percent, Arkansas with 1.80 percent and Tennessee with 1.66 percent.
The foreclosure pre-sale inventory rate also plummeted down. From April it dropped 2.97 percent, and from a year ago is has gone down significantly by 26.9 percent.
This report is furnished by Black Knight Financial Services, Inc.’s Data and Analytics Division. ‘ First Look‘ aims to gauge the Nation’s month-end performance in terms of mortgage activities. This statistical report was released by the BKFS on June 22, 2017, the data has been derived from the majority of the overall mortgage market of the country.