Black Knight Provide Sneak Peak at July Mortgage Data

Distressed housing measures continued onrna somewhat jagged path toward normalcy in July according to preliminary numbersrnreleased by Black Knight Financial Services today.  The company’s “Early Look” at some of therndata from its monthly Mortgage Monitor reportrndue out next week again shows a general downward trend in delinquencies andrnforeclosure activity.</p

Foreclosure starts rose again, the thirdrnconsecutive month they have done so.  Thernnumber of properties entering foreclosure rose 2.72 percent from June to 90,700rnbut despite the increase starts are down 19.59 percent from July 2013.</p

The number of properties 30 or more daysrnpast due but not yet in foreclosure dropped by 34,000 in July to 2.85 million,rn344,000 fewer delinquencies than in July 2013. rnThe 30+ day delinquency rate at the end of July was 5.64 percent, arndecline of 1.13 percent from June and 12.07 percent from a year earlier.</p

Of the total delinquent loans that arernnot yet in foreclosure 1.14 million were seriously delinquent, that is morernthan 90 days past due, at the end of July. rnThis is a drop of 19,000 month-over-month and 211,000 since the previousrnJuly.</p

The foreclosure inventory – loans thatrnare in the process of foreclosure, is at its lowest point since Marchrn2008.  The inventory, which currentlyrnnumbers 935,000 properties, has fallen by 16,000 units since June and by 471,000rnunits over the previous year.  Thernforeclosure inventory represented 1.85 percent of all mortgaged homes in thernU.S. in July, down 1.65 percent from June and 34.44 percent from July 2013.</p

The total count of distressed loans -rnincluding those 30 or more days past due and those in foreclosure – was 3.79rnmillion at the end of July.  This is arndecrease of 49,000 from the end of June and 814,000 from a year previous.</p

Foreclosure sales rose to 1.85 percentrnof those homes that were delinquent more than 90 days, up 7.09 percent for thernmonth but 9.95 percent lower than a year earlier. </p

Black Knight also said that thernprepayment rate, which is closely tied to the rate of refinancing, was up morernthat 10 percent in July.  This was thernfifth consecutive increase in prepayments.

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