The national mortgage delinquency rate fell to a new record low in April – just 2.8% of all loans – according to Black Knight’s most recent First Look report.
That’s down 1.3% compared with March and down nearly 40% compared with April 2021.
It was the second consecutive month that the national mortgage delinquency rate hit a new record low.
As of the end of April, roughly 1.496 million residential properties were 60 days or more past due but not in foreclosure, according to the report.
That’s down about 17,000 compared with the previous month and down about 1 million compared with a year earlier.
As of the end of the month roughly 640,000 homes were seriously delinquent or 90 days or more past due but not in foreclosure.
Month-over-month, serious delinquencies were down 8% compared with March.
The foreclosure presale inventory rate increased slightly to 0.32% of all loans. Thats up 2.31% compared with the previous month and up 13. 48% compared with a year earlier.
As of the end of April there were about 173,000 homes in the foreclosure presale inventory – an increase of about 4,000 compared with March and an increase of about 20,000 compared with April 2021.
Prepayment activity fell by 19.1% from March and 61.8% from a year ago as interest rates continued their sharp ascent in April.
There were about 21,400 foreclosure starts in April, down 11.93% compared with March but up 478% compared with April 2021.
Photo: Sharon McCutcheon