- At 3.45% in October, the national delinquency rate was up 6% from the same time last year, marking five consecutive months of year-over-year increases
- While 30- & 60-day delinquencies decreased from September, seriously past due loans (90+ days) continued their slow rise, now up 7.3% from last year and at the highest level since May 2023
- Though both foreclosure starts (+12.2%) and completions (+10.1%) were up in October, both remain down from last year (-12.3% and -9.5%, respectively) and well below pre-pandemic levels
- Likewise, foreclosure inventory was up a modest +1K in the month, but there are 28K fewer loans in active foreclosure than there were at this same time last year
- Prepayment activity rose on easing interest rates to a level not seen in over two years (May 2022) and nearly double where it was last October
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at October 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
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Data as of Oct. 31, 2024 |
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Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.45% |
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Month-over-month change: -0.79% |
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Year-over-year change: 5.95% |
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Total U.S. foreclosure pre-sale inventory rate: 0.35% |
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Month-over-month change: 0.49% |
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Year-over-year change: -14.52% |
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Total U.S. foreclosure starts: 29,000 |
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Month-over-month change 12.15% |
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Year-over-year change: -12.27% |
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Monthly prepayment rate (SMM): 0.85% |
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Month-over-month change: 32.25% |
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Year-over-year change: 96.07% |
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Foreclosure sales: 5,800 |
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Month-over-month change: 10.09% |
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Year-over-year change: -9.45% |
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Number of properties that are 30 or more days past due, but not in foreclosure: 1,869,000 |
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Month-over-month change: -11,000 |
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Year-over-year change: 135,000 |
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Number of properties that are 90 or more days past due, but not in foreclosure: 479,000 |
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Month-over-month change: 4,000 |
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Year-over-year change: 33,000 |
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Number of properties in foreclosure pre-sale inventory: 189,000 |
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Month-over-month change: 1,000 |
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Year-over-year change: -28,000 |
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Number of properties that are 30 or more days past due or in foreclosure: 2,058,000 |
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Month-over-month change: -10,000 |
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Year-over-year change: 107,000 |
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Top 5 States by Non-Current* Percentage |
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Louisiana: |
8.15% |
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Mississippi: |
8.04% |
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Alabama: |
5.72% |
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Indiana: |
5.41% |
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Arkansas: |
5.23% |
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Bottom 5 States by Non-Current* Percentage |
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Oregon: |
2.14% |
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Montana: |
2.06% |
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Idaho: |
2.05% |
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Colorado: |
2.04% |
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Washington: |
2.03% |
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
2.19% |
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Louisiana: |
2.09% |
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Alabama: |
1.53% |
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Arkansas: |
1.37% |
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Texas: |
1.28% |
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Top 5 States by 12-Month Change in Non-Current* Percentage |
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Hawaii: |
-15.67% |
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New York: |
-8.45% |
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Alaska: |
-5.79% |
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North Dakota: |
-4.85% |
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Idaho: |
-4.27% |
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
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Florida: |
20.97% |
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South Carolina: |
12.14% |
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Arizona: |
11.02% |
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North Carolina: |
10.99% |
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Louisiana: |
9.26% |
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*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: 1) Totals are extrapolated based on ICE’s McDash loan-level database of mortgage assets. 2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. |
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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 Dec. 9, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
