The national delinquency rate has fallen to near-record low levels, falling 6 basis points to 3.04% during the month of May, the second lowest level since the record low of 2.92% which occurred in March 2023, according to the latest iteration of a monthly report from Intercontinental Exchange, Inc (ICE).
This marks the fifth consecutive monthly improvement in serious delinquencies. The number of mortgage holders who have missed a single payment dropped by 19,000, while 60-day delinquencies edged up by 4,000.
While inflow of borrowers newly 30 days late dropped to a one-year low, those rolling to later stages of delinquency edged higher from April and fewer delinquent loans cured to current status.
Foreclosure starts were down 6.5% from April, keeping active foreclosure inventory at the lowest level since pandemic-era moratoria were lifted in January 2022.
The total number of mortgage-holders currently in active foreclosure remains 32% below pre-pandemic levels. Also, foreclosure completions have dropped 7.2% year-over-year.
By the numbers:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.04%
- Month-over-month change: -1.55%
- Year-over-year change: -1.94%
Total U.S. foreclosure pre-sale inventory rate: 0.36%
- Month-over-month change: -3.83%
- Year-over-year change: -17.95%
Total U.S. foreclosure starts: 24,000
- Month-over-month change: -6.47%
- Year-over-year change: -4.77%
Monthly prepayment rate (SMM): 0.58%
- Month-over-month change: 10.45%
- Year-over-year change: 6.60%
Foreclosure sales: 6,300
- Month-over-month change: 6.26%
- Year-over-year change: -7.21%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,634,000
- Month-over-month change: -24,000
- Year-over-year change: -5,000
Number of properties that are 90 or more days past due, but not in foreclosure: 410,000
- Month-over-month change: -7,000
- Year-over-year change: -38,000
Number of properties in foreclosure pre-sale inventory: 191,000
- Month-over-month change: -7,000
- Year-over-year change: -38,000
Number of properties that are 30 or more days past due or in foreclosure: 1,825,000
- Month-over-month change: -31,000
- Year-over-year change: -43,000
Top Five States by Non-Current Percentage:
- Mississippi: 7.41%
- Louisiana: 7.25%
- Alabama: 5.19%
- Indiana: 4.77%
- West Virginia: 4.68%
Bottom Five States by Non-Current Percentage:
- California: 1.97%
- Idaho: 1.89%
- Montana: 1.87%
- Washington: 1.83%
- Colorado: 1.83%
Top Five States by 90+ Days Delinquent Percentage:
- Mississippi: 1.93%
- Louisiana: 1.70%
- Alabama: 1.41%
- Arkansas: 1.19%
- Georgia: 1.09%
Top 5 States by 12-Month Change in Non-Current Percentage:
- Vermont: -12.16%
- Alaska: -10.42%
- New York: -9.64%
- New Hampshire: -9.63%
- New Mexico: -8.79%
Five States by 12-Month Change in Non-Current Percentage:
- Louisiana: 7.03%
- South Dakota: 4.45%
- Arizona: 2.28%
- Nebraska: 1.80%
- Arkansas: 1.48%
Click here for the full report.
The post Breaking Down Mortgage Performance Data first appeared on The MortgagePoint.
