In its “first look” at November
mortgage data last week Black Knight Financial Services noted a significant surge
in mortgage delinquencies compared to the previous month. The 11.8 percent jump in mortgages that were
30 or more days past due brought the national delinquency rate to 6.08 percent,
the first time since February it had surpassed 6.0 percent, and was the largest
month-over-month increase since 2008, a spike that also occurred in November.
In the newest edition of its Mortgage Monitor Black Knight takes a
closer look at the November anomaly, one that occurred even as the overall
delinquency rate has continued to trend downward and despite the increase was 6
percent below its level a year earlier. According
to the Monitor, a sudden rise in the
delinquency rate in November is more rule than exception and, while this was
the largest, increases have occurred in six of the last seven Novembers.