Black Knight: Arizona Real Estate Continues Trend of Strong Gains from Crisis Years; Changing Market Conditions Demand Quality Data

• Arizona's foreclosure rate is just 0.36 percent, and Phoenix's is 0.31 percent; nationally .94 percent of loans are in active foreclosure
• Phoenix's current delinquency rate is 2.9 percent and Arizona's is 3.1 percent; the national rate is 4.2 percent

Negative Equity

• At the end of 2010, almost 30 percent of U.S. homeowners were underwater on their mortgages; in Arizona, nearly half of all homeowners were underwater
•  At that time, 55 percent of Phoenix homeowners owed more on their mortgage loans than their homes were worth
• Today, approximately 4.6 percent of borrowers in the state and 4.1 percent in the Phoenix area remain in negative equity positions
  

"Complete, accurate and up-to-date property information is of the utmost importance in any real estate transaction," said Lisa Roessler, Black Knight's vice president of title strategy for its Data & Analytics Division. "During the Great Recession, the Arizona and Phoenix real estate markets experienced widespread foreclosures and distressed transactions -- both short sales and bank-owned properties. For properties with that kind of turbulent history, access to high-quality data is critical – particularly when it comes to establishing clear chain of title. That's as true for homebuyers as it is for real estate professionals and lenders."

Black Knight's data assets include the nation's leading repository of loan-level residential mortgage data, with tens of millions of loans across the spectrum of credit products and more than 160 million historical records. Black Knight's extensive property records database covers more than 99.9 percent of the U.S., and the company also offers robust and complete title plant data spanning the entire nation, including Arizona. Lenders, servicers, realtors, investors, government agencies and title companies rely on Black Knight's data and analytics for a variety of applications. 

Black Knight offers a monthly HPI report providing essential micro-level valuation data and the most timely updates possible on home price trends. Additionally, Black Knight publishes its monthly Mortgage Monitor, an in-depth report of mortgage industry performance.

About Black Knight Financial Services, Inc. 

Black Knight Financial Services, Inc. (NYSE: BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

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SOURCE Black Knight Financial Services, Inc.