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- In large part due to December ending on a Sunday, delaying the processing of payments made on the last day of the month, the national delinquency rate hit 3.57%, up 19 bps from November
- Though the rise (+5.6%) was larger than an average December (+1.4%), it was milder than past Sunday-month-end Decembers, which have seen delinquencies jump +9.9% on average
- Delinquencies were up moderately across the board, as inflows and rolls to later stages of delinquency rose, while cures from both early- and late-stage delinquency improved
- Serious delinquencies (90+ days past due) rose to 475K, but were still 19% (-108K) below where they were they ended December 2022
- December’s 24K foreclosure starts marked an 18-month low in new activity, with total active foreclosures the lowest since March 2022 (212K), still 25% below (-71K) pre-pandemic levels
- Likewise, the 5.4K foreclosure sales (completions) in December were down -17.2% from November and the fewest since February 2022 – shortly after the end of COVID-era moratoria
- Prepayment activity rose +4.9% to a single month mortality rate of 0.39% on improving interest rates, but prepays remain constrained by both seasonal and affordability pressures
ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at December 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of Dec. 31, 2023
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.57%
Month-over-month change: 5.55%
Year-over-year change: 2.65%
Total U.S. foreclosure pre-sale inventory rate: 0.40%
Month-over-month change: -2.41%
Year-over-year change: -10.22%
Total U.S. foreclosure starts: 24,000
Month-over-month change -17.93%
Year-over-year change: -15.46%
Monthly prepayment rate (SMM): 0.39%
Month-over-month change: 4.89%
Year-over-year change: -4.68%
Foreclosure sales: 5,400
Month-over-month change: -17.22%
Year-over-year change: -11.54%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,908,000
Month-over-month change: 105,000
Year-over-year change: 81,000
Number of properties that are 90 or more days past due, but not in foreclosure: 475,000
Month-over-month change: 15,000
Year-over-year change: -108,000
Number of properties in foreclosure pre-sale inventory: 212,000
Month-over-month change: -5,000
Year-over-year change: -20,000
Number of properties that are 30 or more days past due or in foreclosure: 2,120,000
Month-over-month change: 100,000
Year-over-year change: 61,000
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Top 5 States by Non-Current* Percentage |
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Mississippi: |
8.37% |
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Louisiana: |
8.17% |
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Alabama: |
6.07% |
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West Virginia: |
5.54% |
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Indiana: |
5.54% |
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|
|
|
Bottom 5 States by Non-Current* Percentage |
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|
California: |
2.31% |
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Idaho: |
2.26% |
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Montana: |
2.21% |
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Washington: |
2.17% |
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Colorado: |
2.09% |
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|
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
2.19% |
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Louisiana: |
1.97% |
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Alabama: |
1.51% |
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Arkansas: |
1.35% |
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Georgia: |
1.24% |
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|
|
|
Top 5 States by 12-Month Change in Non-Current* Percentage |
|
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North Dakota: |
-8.88% |
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Alaska: |
-8.43% |
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Rhode Island: |
-8.31% |
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Vermont: |
-7.34% |
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Wyoming: |
-5.80% |
|
|
|
|
Bottom 5 States by 12-Month Change in Non-Current* Percentage |
|
|
Idaho: |
11.46% |
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Louisiana: |
9.80% |
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Arizona: |
8.31% |
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South Dakota: |
8.26% |
|
Texas: |
7.29% |
*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.
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.blackknightinc.com/data-reports/ by February 5, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
