On April 3, 2023, the Data & Analytics division of Black Knight released its latest Mortgage Monitor Report, based on the company's mortgage, real estate, and public records data sets. The report indicates that after seven consecutive months of home prices dropping at the national level, there was a rebound in February in many parts of the country, likely due to homebuyers responding to a decline in 30-year interest rates.
Below are details showing market trends including home prices and delinquencies.
Home Price Index
Black Knight's Home Price Index shows a significant shift occurring at the geographic level, with prices rising in 78% of the 50 largest U.S. markets. Inventory remains a primary challenge for the market, with a decline in new listings and continued low levels of available inventory. “February’s national increase in home prices – up 0.16%, adjusted for seasonality – marked the first positive monthly growth we’ve seen in 8 months,” said Black Knight Vice President of Enterprise Research Andy Walden.
The report also surveys the equity landscape, revealing that February's price gains have helped to shore up what had been falling homeowner equity levels, with tappable equity still up 56% over the past three years.
National Delinquency Rate
In February, the national delinquency rate rose by 7 basis points to 3.45%. However, it decreased by 13% compared to the same month last year. The increase in delinquencies was mainly caused by a 7.1% rise in borrowers who were 30 days past due. The number of borrowers who became 30 days past due increased by 65,000, but this was partly offset by January's 46,000 decline, resulting in a net increase of 19,000 over the two months.
To read Black Knight’s report in full, visit:
This publication is for informational purposes only and does not constitute an opinion of Manley Deas Kochalski LLC.
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