Friday, January 24, 2020 7:52:10 AM
MORTGAGE DELINQUENCIES CONTINUE TO DEFY SEASONAL TRENDS IN DECEMBER 2019 TOO!
MORTGAGE NEWS DAILY
JANUARY 23, 2019 9:07AM
BY: JANN SWANSON
Foreclosures at 14-Year Low; Loan "Mortality" up 126% Annually
Even though many of the measures are already at record lows, mortgage delinquencies continue to tick downward according to Black Knight's "first look" at December loan performance data. At the same time, the Single Month Mortality (SMM) rate, an indicator of mortgage loan prepayments, continues to increase, but at a slower rate.
Mortgage delinquencies fell by 3.75 percent from November to December and were down 12.43 percent compared to December 2018. At the end of the month there were 1.80 million loans that were 30 days or more past due, although not in foreclosure, 3.40 percent of all mortgaged homes. That delinquency rate is 0.04 percent away from the record low set in May 2019.
Serious delinquencies declined by 12,000 month over month and 84,000 on an annual basis. At the end of December there were 427,000 loans that were 90 or more days past due but not in foreclosure.
Foreclosure starts did increase during the month, jumping by 18 percent to 39,500. This is still 14.70 percent fewer such legal actions than in December 2018.
The foreclosure inventory, loans in the process of foreclosure, stands at 427,000. This is 3,000 fewer than in November and an annual decline of 26,000 loans.
The national foreclosure rate fell again in December to reach a new 14-year low of 1.48 percent (foreclosure sales as a percent of serious delinquencies.) This is the lowest rate on record except for the final five months of 2005.
After falling by 19 percent in November, prepayment rates ticked upward in December, rising 1.43 percent to a SMM rate (single month mortality rate... basically a measure of how quickly loans are being paid off due to refinancing or selling to purchase a new home) of 1.48 percent. This is 126 percent higher than the SSM a year earlier.
Recent MTG News
- MGIC Investment Corporation Reports First Quarter 2024 Results • PR Newswire (US) • 05/01/2024 08:05:00 PM
- MGIC Investment Announces Additional $750 Million Share Repurchase Program and Quarterly Dividend of $0.115 Per Share • PR Newswire (US) • 04/25/2024 06:01:00 PM
- MGIC Investment Corporation Schedules 1st Quarter 2024 Earnings Call • PR Newswire (US) • 04/02/2024 09:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 08:19:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 08:14:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:26:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:25:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:25:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:24:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:22:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:22:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:19:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:19:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:18:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:18:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 10:17:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 03:03:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 03:01:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 10:05:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 06:02:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 06:02:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 06:01:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 06:01:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 06:00:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/22/2024 06:00:21 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM