ICE First Look at Mortgage Performance: Delinquencies improved in July despite Hurricane Beryl’s impact on Houston homeowners
- The national delinquency rate fell 12 basis points (bps) to 3.37% in July, offsetting some of June’s calendar-related rise – dropping 3.5% for the month but up 4.8% from the same time last year
- Delinquencies declined in all major markets except Houston, where Hurricane Beryl resulted in an estimated 10K mortgage holders falling behind on payments as a result of the storm
- Serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 5K (+1.1%) to a five-month high, but are still down -33K (-7.0%) from the same time last year
- The number of borrowers a single payment past due dropped by -77K in July, while 60-day delinquencies climbed 11K
- While foreclosure starts increased by 7K (30%) in the month, that’s partially a byproduct of starts hitting a multi-year low the month prior rather than a sign of underlying stress in the market
- Active foreclosure inventory nudged higher (+2K), but remains at its second-lowest level since January 2022 and is still 34% below pre-pandemic levels
- 5.5K foreclosure sales were completed in July representing a +3.7% month-over-month increase, but were down -9.6% from last year and are still running at less than half their 2019 averages
- Prepayment activity (SMM) rose to 0.60% on easing rates, notching its highest mark since September 2022
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at July 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
| Data as of July 31, 2024 |
| Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.37% |
| Month-over-month change: -3.46% |
| Year-over-year change: 4.80% |
| Total U.S. foreclosure pre-sale inventory rate: 0.35% |
| Month-over-month change: 1.05% |
| Year-over-year change: -15.93% |
| Total U.S. foreclosure starts: 30,000 |
| Month-over-month change 32.30% |
| Year-over-year change: 13.91% |
| Monthly prepayment rate (SMM): 0.60% |
| Month-over-month change: 11.63% |
| Year-over-year change: 19.86% |
| Foreclosure sales: 5,500 |
| Month-over-month change: 3.69% |
| Year-over-year change: – 9.57% |
| Number of properties that are 30 or more days past due, but not in foreclosure: 1,812,000 |
| Month-over-month change: -61,000 |
| Year-over-year change: 112,000 |
| Number of properties that are 90 or more days past due, but not in foreclosure: 435,000 |
| Month-over-month change: 5,000 |
| Year-over-year change: -33,000 |
| Number of properties in foreclosure pre-sale inventory: 188,000 |
| Month-over-month change: 2,000 |
| Year-over-year change: -32,000 |
| Number of properties that are 30 or more days past due or in foreclosure: 1,999,000 |
| Month-over-month change: -59,000 |
| Year-over-year change: 80,000 |
| Top 5 States by Non-Current* Percentage | |
| Mississippi: | 8.02% |
| Louisiana: | 7.93% |
| Alabama: | 5.70% |
| Indiana: | 5.34% |
| West Virginia: | 5.16% |
| Bottom 5 States by Non-Current* Percentage | |
| Oregon: | 2.12% |
| Montana: | 2.03% |
| Idaho: | 2.03% |
| Washington: | 2.02% |
| Colorado: | 2.00% |
| Top 5 States by 90+ Days Delinquent Percentage | |
| Mississippi: | 2.08% |
| Louisiana: | 1.85% |
| Alabama: | 1.45% |
| Arkansas: | 1.28% |
| Indiana: | 1.16% |
| Top 5 States by 12-Month Change in Non-Current* Percentage | |
| Alaska: | -7.40% |
| New York: | -6.59% |
| Vermont: | -3.57% |
| Idaho: | -3.29% |
| California: | -2.84% |
| Bottom 5 States by 12-Month Change in Non-Current* Percentage | |
| Arizona: | 11.73% |
| Louisiana: | 11.32% |
| Tennessee: | 9.33% |
| Arkansas: | 8.96% |
| Nebraska: | 8.07% |
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 Sept. 4, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
