ICE First Look at Mortgage Performance: Mortgage delinquencies remain low despite modest year-over-year rise
- The national delinquency rate fell 3 basis points (bps) to 3.34% in August, dropping 0.9% for the month but up 5.1% from last year
- The number of borrowers a single payment past due dropped by -26K, while 60-day delinquencies rose marginally by 1K
- Serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 14K (+3.3%) to a six-month high, but remain historically low
- Foreclosure starts fell by 9% from the month prior and remain 32% below their 2019 levels
- Active foreclosure inventory also improved in the month, with the share of mortgages in foreclosure hitting the second-lowest level on record outside of the COVID-19 moratorium
- 5.6K foreclosure sales were completed nationally in August – a +2.6% month-over-month increase, yet down -18.1% from last year and 58% below 2019 levels
- Prepayment activity (SMM) rose to 0.62% – a level not seen in two years (August 2022) – on easing rates, rising by 4.7% from July and 18.0% from last year
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at August 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
| Data as of Aug. 31, 2024 |
| Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.34% |
| Month-over-month change: -0.88% |
| Year-over-year change: 5.11% |
| Total U.S. foreclosure pre-sale inventory rate: 0.35% |
| Month-over-month change: -0.85% |
| Year-over-year change: -14.57% |
| Total U.S. foreclosure starts: 27,000 |
| Month-over-month change -8.61% |
| Year-over-year change: -14.20% |
| Monthly prepayment rate (SMM): 0.62% |
| Month-over-month change: 4,67% |
| Year-over-year change: 18.00% |
| Foreclosure sales: 5,700 |
| Month-over-month change: 2.58% |
| Year-over-year change: – 18.09% |
| Number of properties that are 30 or more days past due, but not in foreclosure: 1,801,000 |
| Month-over-month change: -11,000 |
| Year-over-year change: 117,000 |
| Number of properties that are 90 or more days past due, but not in foreclosure: 450,000 |
| Month-over-month change: 14,000 |
| Year-over-year change: 2,000 |
| Number of properties in foreclosure pre-sale inventory: 187,000 |
| Month-over-month change: -1,000 |
| Year-over-year change: -28,000 |
| Number of properties that are 30 or more days past due or in foreclosure: 1,988,000 |
| Month-over-month change: -12,000 |
| Year-over-year change: 89,000 |
| Top 5 States by Non-Current* Percentage | |
| Mississippi: | 7.93% |
| Louisiana: | 7.87% |
| Alabama: | 5.61% |
| Indiana: | 5.30% |
| West Virginia: | 5.14% |
| Bottom 5 States by Non-Current* Percentage | |
| California: | 2.10% |
| Montana: | 2.04% |
| Washington: | 1.98% |
| Idaho: | 1.98% |
| Colorado: | 1.94% |
| Top 5 States by 90+ Days Delinquent Percentage | |
| Mississippi: | 2.10% |
| Louisiana: | 1.92% |
| Alabama: | 1.49% |
| Arkansas: | 1.30% |
| Indiana: | 1.18% |
| Top 5 States by 12-Month Change in Non-Current* Percentage | |
| New York: | -6.92% |
| Hawaii: | -6.04% |
| Vermont: | -5.10% |
| Massachusetts: | -4.39% |
| Alaska: | -3.30% |
| Bottom 5 States by 12-Month Change in Non-Current* Percentage | |
| Arizona: | 12.75% |
| Nebraska: | 12.12% |
| Louisiana: | 11.52% |
| Tennessee: | 10.22% |
| South Dakota: | 9.13% |
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 Oct. 7, 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
