The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) was out Friday with its "first look" at August 2016 month-end mortgage performance statistics derived from its loan-level database, which it says represents the majority of the national mortgage market.
Among the highlights of the report:
-- Monthly prepayment rate (historically a good indicator of refinance activity) increased by 32% month-over-month.
-- August's prepayment rate of 1.67% is the highest Single Month Mortality (SMM) rate in over three years.
-- Delinquencies fully recovered from July's spike, falling 6% (-135,000) from one month ago.
-- Inventory of loans in foreclosure has now declined for 19 consecutive months and in 51 of the past 52 months.
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 4.24%
Month-over-month change: -6.04%
Year-over-year change: -11.41%
Total U.S. foreclosure pre-sale inventory rate: 1.04%
Month-over-month change: -4.25%
Year-over-year change: -29.91%
Total U.S. foreclosure starts: 68,800
Month-over-month change: 12.23%
Year-over-year change: -9.71%
Monthly Prepayment Rate (SMM): 1.67%
Month-over-month change: 31.70%
Year-over-year change: 52.27%
Foreclosure Sales as % of 90+: 2.15%
Month-over-month change: 8.15%
Year-over-year change: 20.26%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,151,000
Month-over-month change: -135,000
Year-over-year change: -262,000
Number of properties that are 90 or more days past due, but not in foreclosure: 669,000
Month-over-month change: -26,000
Year-over-year change: -156,000
Number of properties in foreclosure pre-sale inventory: 527,000
Month-over-month change: -23,000
Year-over-year change: -221,000
Number of properties that are 30 or more days past due or in foreclosure: 2,678,000
Month-over-month change: -158,000
Year-over-year change: -483,000
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.