ICE First Look at Mortgage Performance
Mortgage Delinquencies Continue to Slowly Rise with FHA Performance in the Spotlight
- The national delinquency rate edged up 5 basis points (bps) to 3.53% in February; that’s up 19 bps from a year ago but still 32 bps below where it was entering the pandemic
- FHA mortgages accounted for 90% of the 131K year-over-year rise in the number of delinquencies, despite making up less than 15% of all active mortgages
- 4,100 homeowners in Los Angeles are now past due as a result of the wildfires, up from 700 in January, with daily performance data suggesting that number could edge higher in March
- Foreclosure starts (-17%) and sales (-11%) eased in February, but are up (+34%/+7%) from the same time last year as VA foreclosure activity resumed after a year-long moratorium
- Prepayment activity (SMM) fell to 0.46% in February, the lowest level in a year, on higher rates and a seasonal dip in home sales
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at February 2025 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of Feb. 28, 2025
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.53%
Month-over-month change: 1.45%
Year-over-year change: 5.69%
Total U.S. foreclosure pre-sale inventory rate: 0.39%
Month-over-month change: 2.16%
Year-over-year change: -1.99%
Total U.S. foreclosure starts: 33,000
Month-over-month change -17.20%
Year-over-year change: 34.53%
Monthly prepayment rate (SMM): 0.46%
Month-over-month change: -5.09%
Year-over-year change: 8.71%
Foreclosure sales: 5,600
Month-over-month change: -11.40%
Year-over-year change: -7.03%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,913,000
Month-over-month change: 28,000
Year-over-year change: 131,000
Number of properties that are 90 or more days past due, but not in foreclosure: 528,000
Month-over-month change: -12,000
Year-over-year change: 69,000
Number of properties in foreclosure pre-sale inventory: 211,000
Month-over-month change: 4,000
Year-over-year change: 0
Number of properties that are 30 or more days past due or in foreclosure: 2,123,000
Month-over-month change: 32,000
Year-over-year change: 130,000
| Top 5 States by Non-Current Percentage | |
| Louisiana: | 8.25% |
| Mississippi: | 7.94% |
| Alabama: | 5.99% |
| Arkansas: | 5.44% |
| Indiana: | 5.35% |
| Bottom 5 States by Non-Current Percentage | |
| California: | 2.38% |
| Montana: | 2.30% |
| Colorado: | 2.23% |
| Idaho: | 2.09% |
| Washington: | 2.07% |
| Top 5 States by 90+ Days Delinquent Percentage | |
| Louisiana: | 2.22% |
| Mississippi: | 2.19% |
| Alabama: | 1.58% |
| Florida: | 1.57% |
| Georgia: | 1.47% |
| Top 5 States by 12-Month Change in Non-Current Percentage | |
| New York: | -8.71% |
| Hawaii: | -7.01% |
| Alaska: | -4.67% |
| North Dakota: | -3.21% |
| Massachusetts: | -2.33% |
| Bottom 5 States by 12-Month Change in Non-Current Percentage | |
| Florida: | 16.72% |
| North Carolina: | 11.89% |
| Colorado: | 10.90% |
| South Carolina: | 9.29% |
| Georgia: | 8.21% |
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://mortgagetech.ice.com/resources/data-reports by April 7, 2025.
For more information about gaining access to ICE’s loan-level database, please send an email to ICE-MortgageMonitor@ice.com.
Source: Intercontinental Exchange
