Call Michael Thomas (619) 286-9400
  • Home
  • Short Sale FAQ’s
  • Taxation
  • Short Sale Approvals
  • News
  • Apply NOW
Home > Foreclosures Levels Continue to Drop

Foreclosures Levels Continue to Drop

September 23, 2019 by mthomas Leave a Comment

Mortgage performance improved in August, according to the First Look at the latest mortgage performance data from Black Knight.
Black Knight states that foreclosure starts hit an 18-year low in August, at 36.2K for the month. Foreclosure starts were down over 23% from this time last year, and the number of loans in active foreclosure, at 253K, is now the smallest it’s been since 2005.
Additionally, prepayments increased by 5% from July to reach a three-year high, and August’s prepayment rate was up 62% from the same time last year and 2.5X the 18-year low we hit back in January. Black Knight also notes that despite a slight seasonal uptick in the number of loans 30 or more days past due, there was more growth in the number of active mortgages to offset this; as a result, the overall national delinquency rate declined slightly.
ATTOM Data Solutions reported that one in every 2,554 U.S. properties received a foreclosure filing during the month of August. According to the analysis, the states with the worst foreclosure rates in August 2019 were Delaware (one in every 1,106 housing units); New Jersey (one in every 1,192 housing units); Maryland (one in every 1,218 housing units); Illinois (one in every 1,562 housing units); and Florida (one in every 1,633 housing units).
In a previous Mortgage Monitor report, Black Knight Data & Analytics President Ben Graboske explains that falling interest rates and a subsequent increase in rate/term refinances has worked in servicers’ favor.
“As we’ve reported in the past, retention rates tend to be higher for rate/term refinances than any other type of transaction, and that’s just what we observed as of the end of Q2 2019,” said Graboske. “Falling rates and an abundance of refinance candidates were primary drivers behind servicers retaining 24% of all refinancing borrowers – the highest such retention rate since late 2017 – and 30% of rate/term borrowers specifically. While losing the business of more than two out of every three rate-driven refinance customers is not exactly extraordinary performance, it is significantly better than the sub-20% retention rates seen throughout much of 2018. The good news is that interest rates are at three-year lows, and anecdotal evidence suggests that in recent weeks, mortgage lenders had been inundated with inbound refinance business that’s relatively easy to retain.”
DSNews

Filed Under: Real Estate News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Market Reports
  • Real Estate News

Client Testimonials

"Michael came highly recommended from several close friends and he lived up to their praise. He was extremely knowledgeable about the market and always... continued"
- Patrick O.
View All

Short Sale Specialist

Apply Now For a Free Consultation
Apply Now

Michael Thomas

Michael Thomas is one of the leading real estate brokers in San Diego, California. He is endorsed by the National Association of Realtors as a Seller Representative Specialist, Accredited Buyer Representative, as well as Short Sale & Foreclosure Certified. As a lifelong resident of San Diego with a Master’s Degree in Business Administration, he’s uniquely qualified to help San Diegans achieve their real estate goals.

DRE# 01396530 NMLS# 349714

Meet Michael

California Lending & Realty

3940 Hancock Street, Suite 109
San Diego, CA 92110

(619) 286-9400
Contact Michael

Accessibility Notice  •  California Lending & Realty is a division of California Lending Company Inc.
CA DRE #01400067   •   NMLS #235745   •   sitemap   •   admin   •   ©2025 All Rights Reserved  •  Real Estate Website Design by IDXCentral.com