While delinquencies are still elevated,
especially those over 90 days, Black Knight’s “first look” at November data
notes a sixth consecutive monthly decline. The national delinquency rate dropped
from 6.44 percent in October to 6.33 percent, a -1.75 percent change. It
remains 79.20 percent higher year-over-year.
The rate has fallen 1.5 percentage points from its peak of 7.8 percent in
May but remains a full three percentage points (+93 percent) above pre-pandemic
levels At the end of the reporting period
there were 3.381 million mortgage loans that were 30 or more days past due but
not in foreclosure. This is down by 56,000 loans for the month, but 1.5 million
more delinquencies nationally than in November 2019. Black Knight includes
loans in active forbearance plans in its delinquency statistics.