September Delinquencies Dropped 41% YOY, Lowest Level In 18 Months
The national delinquency rate dropped below 4% for the first time in 18 months in September, according to Black Knight’s September 2021 “first look” report. It is a 2.3% drop from August and 41.3% lower year-over-year. And those numbers might have been even better if not for the impact on delinquencies a result of hurricanes in Louisiana, many in FEMA-declared disaster areas. Mississippi, West Virginia, Oklahoma, and Alabama ranked just below Louisiana for the highest percentages of non-current loans. Foreclosure starts also fell in September, coming down 45% from August. August saw spikes in foreclosure starts in the days following the Supreme Court’s decision to end the national moratorium. However, those increases were from historic lows, meaning the raw numbers…