ICE First Look at Mortgage Performance: Delinquencies Hit Highest Level in Nearly Three Years; Prepayments Drop on Higher Rates
- The national delinquency rate jumped 29 basis points (bps) in November to 3.74%, its highest level in almost three years, marking six consecutive months of year-over-year increases
- While much of November’s spike was driven by seasonality, post-hurricane distress, and a late-in-the-month Thanksgiving, delinquencies more broadly continue to rise from recent year lows
- Early-, mid- and late-stage defaults all rose in November, with seriously delinquent loans – 90 or more days past due but not in active foreclosure – now at the highest level since February 2023
- Both foreclosure starts and completions dropped in November and remain well below pre-pandemic levels, leaving 31K fewer loans in active foreclosure than at the same time last year
- Prepayment activity fell -25.0% month over month on October’s higher interest rates, and remains nearly 30% off last year’s levels
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at November 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of Nov. 30, 2024
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.74%
Month-over-month change: 8.38%
Year-over-year change: 10.46%
Total U.S. foreclosure pre-sale inventory rate: 0.34%
Month-over-month change: -2.09%
Year-over-year change: -15.96%
Total U.S. foreclosure starts: 21,000
Month-over-month change -29.15%
Year-over-year change: -29.22%
Monthly prepayment rate (SMM): 0.63%
Month-over-month change: -25.02%
Year-over-year change: 71.20%
Foreclosure sales: 5,300
Month-over-month change: -8.43%
Year-over-year change: -17.65%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,027,000
Month-over-month change: 159,000
Year-over-year change: 224,000
Number of properties that are 90 or more days past due, but not in foreclosure: 512,000
Month-over-month change: 32,000
Year-over-year change: 53,000
Number of properties in foreclosure pre-sale inventory: 185,000
Month-over-month change: -4,000
Year-over-year change: -31,000
Number of properties that are 30 or more days past due or in foreclosure: 2,213,000
Month-over-month change: 155,000
Year-over-year change: 192,000
| Top 5 States by Non-Current Percentage | |||
| Louisiana: | 8.60% | ||
| Mississippi: | 8.48% | ||
| Alabama: | 6.23% | ||
| Indiana: | 5.68% | ||
| Arkansas: | 5.55% | ||
| Bottom 5 States by Non-Current Percentage | |||
| Washington: | 2.16% | ||
| Idaho: | 2.19% | ||
| Colorado: | 2.21% | ||
| Montana: | 2.25% | ||
| California: | 2.30% | ||
| Top 5 States by 90+ Days Delinquent Percentage | |||
| Mississippi: | 2.30% | ||
| Louisiana: | 2.26% | ||
| Alabama: | 1.63% | ||
| Arkansas: | 1.42% | ||
| Georgia: | 1.35% | ||
| Top 5 States by 12-Month Change in Non-Current Percentage | |||
| Hawaii: | -9.59% | ||
| New York: | -5.86% | ||
| Massachusetts: | -2.24% | ||
| Rhode Island: | -0.80% | ||
| Pennsylvania: | 0.05% | ||
| Bottom 5 States by 12-Month Change in Non-Current Percentage | |||
| Florida | 28.13% | ||
| North Carolina: | 20.39% | ||
| South Carolina: | 17.59% | ||
| Arizona: | 15.65% | ||
| Georgia: | 12.76% | ||
NOTE: Due to the holidays ICE Mortgage Monitor will not publish a report in January. Reports for previous months are available online at mortgagetech.ice.com/resources/data-reports. The next ICE Mortgage Monitor will publish February 3, 2025.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
Source: Intercontinental Exchange
