The national mortgage delinquency rate was up by 13% from the record low in March into April, according to new data from Black Knight Inc. (NYSE:BKI). But while that might seem extreme, the total U.S. delinquency rate in April was only a mere 3.31%.
Early-stage delinquencies – defined as borrowers who are 30 days late – were up by 200,000, or 25%, between March and April. However, the level of serious delinquencies –defined as 90 or more days past due – was lower in 45 states and the District of Columbia while foreclosure starts dropped by 23% to 25,000, the lowest since September 2022 and 45% lower than pre-pandemic April 2019.
Foreclosure actions were started on 4.9% of serious delinquencies in April, down slightly from March, while the active foreclosure inventory declined by 6,000 in the month.
Among the states, Mississippi had the highest non-current level at 7.61% and Oregon was the lowest at 2.22%.
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Unfortunately those numbers don’t include forebearances.
Now tell us why.