ICE First Look: Mortgage Performance Remains Strong as Delinquencies, Foreclosures Continue to Improve in May
- The national delinquency rate fell 6 basis points (bps) year over year to 3.04% in May; still the second lowest point on record, behind 2.92% in March 2023
- A fifth consecutive monthly improvement in serious delinquencies (those loans 90+ days past due, but not yet in active foreclosure) reset what had already been a more than 18-year low
- The number of mortgage-holders who’ve missed a single payment dropped by -19K, while 60-day delinquencies edged up slightly (+4K) from April
- While inflow of borrowers newly 30 days late dropped to a one-year low, those rolling to later stages of delinquency edged higher from April and fewer delinquent loans cured to current status
- Foreclosure starts were down -6.5% from April, keeping active foreclosure inventory at the lowest level since pandemic-era moratoria were lifted in January 2022
- The total number of mortgage-holders currently in active foreclosure remains 32% below (-92K) pre-pandemic levels
- Though up slightly for the month, foreclosure sales (completions) in May were down -7.2% year over year and remain well below pre-pandemic norms
- A seasonal rise in home sales and slightly improved refi volumes pushed prepayments to their highest level since September 2022, even as rate-related headwinds persist
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at May 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
| Data as of May 31, 2024 |
| Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.04% |
| Month-over-month change: -1.55% |
| Year-over-year change: -1.94% |
| Total U.S. foreclosure pre-sale inventory rate: 0.36% |
| Month-over-month change: -3.83% |
| Year-over-year change: -17.95% |
| Total U.S. foreclosure starts: 24,000 |
| Month-over-month change -6.47% |
| Year-over-year change: -4.77% |
| Monthly prepayment rate (SMM): 0.58% |
| Month-over-month change: 10.45% |
| Year-over-year change: 6.60% |
| Foreclosure sales: 6,300 |
| Month-over-month change: 6.26% |
| Year-over-year change: – 7.21% |
| Number of properties that are 30 or more days past due, but not in foreclosure: 1,634,000 |
| Month-over-month change: -24,000 |
| Year-over-year change: -5,000 |
| Number of properties that are 90 or more days past due, but not in foreclosure: 410,000 |
| Month-over-month change: -7,000 |
| Year-over-year change: -38,000 |
| Number of properties in foreclosure pre-sale inventory: 191,000 |
| Month-over-month change: -7,000 |
| Year-over-year change: -38,000 |
| Number of properties that are 30 or more days past due or in foreclosure: 1,825,000 |
| Month-over-month change: -31,000 |
| Year-over-year change: -43,000 |
| Top 5 States by Non-Current* Percentage | |
| Mississippi: | 7.41% |
| Louisiana: | 7.25% |
| Alabama: | 5.19% |
| Indiana: | 4.77% |
| West Virginia: | 4.68% |
| Bottom 5 States by Non-Current* Percentage | |
| California: | 1.97% |
| Idaho: | 1.89% |
| Montana: | 1.87% |
| Washington: | 1.83% |
| Colorado: | 1.83% |
| Top 5 States by 90+ Days Delinquent Percentage | |
| Mississippi: | 1.93% |
| Louisiana: | 1.70% |
| Alabama: | 1.41% |
| Arkansas: | 1.19% |
| Georgia: | 1.09% |
| Top 5 States by 12-Month Change in Non-Current* Percentage | |
| Vermont: | -12.16% |
| Alaska: | -10.42% |
| New York: | -9.64% |
| New Hampshire: | -9.63% |
| New Mexico: | – 8.79% |
| Bottom 5 States by 12-Month Change in Non-Current* Percentage | |
| Louisiana: | 7.03% |
| South Dakota: | 4.45% |
| Arizona: | 2.28% |
| Nebraska: | 1.80% |
| Arkansas: | 1.48% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
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 July 1, 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
