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Foreclosures at 14-Year Low; Loan "Mortality" up 126% Annually
Thursday, January 23, 2020
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.
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