ICE First Look at Mortgage Performance
Continued Improvement in April Leads to Fewest Serious Delinquencies in 18+ Years
- The national delinquency rate fell to 3.09% in April – its second lowest level on record behind only March 2023’s record low of 2.92% – marking a 22 basis point (bps) improvement from the same time last year
- Serious delinquencies (loans 90+ days past due but not in active foreclosure) improved to their best level since August 2005, down -17K (-4.0%) from March and -84K (-16.8%) year over year
- The number of borrowers a single payment past due dropped by 30K to hit an 8-month low, while 60-day delinquencies fell 6K to their lowest level in 10 months
- The inflow of new 30-day lates along with rolls to later stages of delinquency improved from March, while cures were down among both early and late stage delinquencies
- Foreclosure starts declined -0.8% from March, pushing the number of loans in active foreclosure to its lowest level since January 2022 – some 30% below (-84K) pre-pandemic levels
- Though the 5.9K foreclosure sales completed nationally in April represented a 1.5% month-over-month increase, they remain at roughly half pre-pandemic norms
- Prepayment activity rose to its highest level since August 2023 due to a seasonal upswing in home sales, despite consumers still facing rate-driven affordability and refinance headwinds
Intercontinental Exchange, Inc., a leading global provider of technology and data, reports the following “first look” at April 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of April 30, 2024
| Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.09% |
| Month-over-month change: -3.28% |
| Year-over-year change: -6.63% |
| Total U.S. foreclosure pre-sale inventory rate: 0.37% |
| Month-over-month change: -3.31% |
| Year-over-year change: -16.42% |
| Total U.S. foreclosure starts: 26,000 |
| Month-over-month change -0.83% |
| Year-over-year change: 4.01% |
| Monthly prepayment rate (SMM): 0.52% |
| Month-over-month change: 8.39% |
| Year-over-year change: 18.83% |
| Foreclosure sales: 5,900 |
| Month-over-month change: 1.55% |
| Year-over-year change: – 7.87% |
| Number of properties that are 30 or more days past due, but not in foreclosure: 1,658,000 |
| Month-over-month change: -53,000 |
| Year-over-year change: -88,000 |
| Number of properties that are 90 or more days past due, but not in foreclosure: 417,000 |
| Month-over-month change: -17,000 |
| Year-over-year change: -84,000 |
| Number of properties in foreclosure pre-sale inventory: 199,000 |
| Month-over-month change: -6,000 |
| Year-over-year change: -35,000 |
| Number of properties that are 30 or more days past due or in foreclosure: 1,857,000 |
| Month-over-month change: -59,000 |
| Year-over-year change: -123,000 |
| Top 5 States by Non-Current* Percentage | |
| Mississippi: | 7.48% |
| Louisiana: | 7.24% |
| Alabama: | 5.38% |
| West Virginia: | 4.81% |
| Arkansas: | 4.79% |
| Bottom 5 States by Non-Current* Percentage | |
| Oregon: | 2.02% |
| Montana: | 1.94% |
| Idaho: | 1.92% |
| Washington: | 1.89% |
| Colorado: | 1.80% |
| Top 5 States by 90+ Days Delinquent Percentage | |
| Mississippi: | 1.92% |
| Louisiana: | 1.71% |
| Alabama: | 1.42% |
| Arkansas: | 1.21% |
| Georgia: | 1.10% |
| Top 5 States by 12-Month Change in Non-Current* Percentage | |
| New Hampshire: | -16.06% |
| Alaska: | -14.35% |
| Rhode Island: | -13.46% |
| District of Columbia: | -13.36% |
| Kentucky: | – 13.03% |
| Bottom 5 States by 12-Month Change in Non-Current* Percentage | |
| South Dakota: | 0.37% |
| Louisiana: | 0.08% |
| Arizona: | -0.12% |
| Arkansas: | -0.83% |
| Tennessee: | -1.56% |
| *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. | |
| Notes: | |
| 1) Totals are extrapolated based on ICE’s McDash loan-level database of mortgage assets. | |
| 2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. | |
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports by June 3, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
Source: Intercontinental Exchange
