First Look At July 2023 Mortgage Data
Foreclosure Inventory Hits Lowest Level in 15 Months, While Serious Delinquencies Continue to Decline
- While the national delinquency rate edged up 9 basis points in July to 3.21%, it was down 12 basis points year over year and remains within 12 basis points of March’s record low
- Meanwhile, serious delinquencies (90+ days past due) continued to improve, falling to 468K – the lowest level seen since the pre-Great Financial Crisis housing market peak and down 161K (-26%) from July 2022
- 30-day delinquencies rose by 35K in the month, with 60-day delinquencies rising by 17K (6.4%) – while those 90+ days past due fell by 3K (-0.6%)
- Loans in active foreclosure fell to 220K – the fewest since just after the end of federal foreclosure moratoria – and remain down 63K (-22%) from February 2020, prior to the pandemic
- July’s 26.3K foreclosure starts were 4% below the average number of such actions over the preceding 12 months and remain 39% below pre-pandemic levels
- Foreclosure starts equated to 5.6% of 90+ day delinquencies – still more than three percentage points below pre-pandemic foreclosure referral rates – while July’s 6.1K foreclosure sales (completions) nationally were down 11% from June
- Prepayment activity fell under easing seasonal home buying pressure along with interest rates briefly rising above 7% and ending July at 6.88%, with prepayments still down 28% from July 2022
JACKSONVILLE, Fla. – Aug. 23, 2023 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at July 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
- Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
- All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
The company will provide a more in-depth review of this data and much more in its monthly Mortgage Monitor report, which includes an analysis of multiple data sources supplemented by detailed charts and graphs that reflect trend and point-in-time observations on the real estate and housing finance markets. The Mortgage Monitor report will be available online by Sept. 6, 2023.
For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
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