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Black Knight Mortgage Monitor for November

Black Knight released their Mortgage Monitor report for November today. According to Black Knight, 3.71% of mortgages were delinquent in November, down from 4.55% in November 2017. Black Knight also reported that 0.52% of mortgages were in the foreclosure process, down from 0.66% a year ago.

This gives a total of 4.23% delinquent or in foreclosure.

Other key points:
• Home prices were effectively flat M/M (+0.01%) in October, and in fact had been so over the prior four months (+0.01%)

• While fall and winter are typically slow times of the year for home price growth, this is the most tepid 4-month stretch of growth in nearly four years

• Annual home price gains continue to slow, decelerating by 1.3% over the past 8 months, from a 4-year high of 6.7% in February to 5.4% Y/Y in October and slowing rapidly

• Additional near-term pressure may be on the way as affordability hit a new low point as interest rates rose to 4.87% on average in November

• Rates have since pulled back noticeably in December, bringing the average monthly payment to buy the average-priced home down $46 from November's 11-year high

• Even with December's pullback, it still takes $141 more per month (+13%) in principal and interest (assuming 20% down) to purchase the average home than 12 months ago

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