This is the report for the December 2022 Mortgage Data.
A few of the highlights are that Mortgage Delinquencies closed 2022 down 9% for the year and remember this is a lot of forbearances resolving. Foreclosure starts increased by 15% in the month to 26,900 – the third consecutive increase, but still 30% below pre-pandemic levels. Active foreclosure inventory rose by 2.3% in the month, though volumes remained subdued throughout 2022 after the record lows of 2021 due to the COVID-19 moratoriums and forbearance protections. What stands out to me is that borrowers 30 days late increased by 40K, up 4.8%. The early-stage defaults are something I will be watching. On the November 2022 Black Knight report, we learned approximately 1.6 million homeowners were more than 30 days past due on their mortgages, leading to a national delinquency rate of just over 3%. When I was taking real estate classes at Arizona State University, we were told that a lender historically repossess 1/2 of one percent of their loans. An overall default rate of 3% is significant.