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Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its April 2025 First Look, which shows U.S. Department of Veterans Affairs (VA) mortgages progressing through the foreclosure pipeline following the recent moratorium expiration.
The ICE First Look reports on month-end delinquency, foreclosure and prepayment statistics sourced from its loan-level database, which covers a majority of the U.S. mortgage market. Key takeaways from this month’s findings include:
- The national delinquency rate ticked up 1 basis point (bp) to 3.22% in April and is up a modest 13 bps (4.1%) from the same time last year. Still, delinquencies remain below pre-pandemic levels.
- Serious delinquencies – loans 90+ days past due but not in foreclosure – improved seasonally but rose 14% from April 2024 marking the sixth consecutive month of 10%+ annual increases.
- While foreclosure activity remains muted, foreclosure starts (+13%), sales (+9%), and active inventory (+4%) all rose on an annual basis for the second consecutive month.
- April’s 6,500 foreclosure sales marked the largest single-month volume in 15 months, with VA sales, which account for the bulk of the recent rise, hitting their highest level since 2019.
- Prepayment activity, measured in single month mortality, jumped to 0.71%, the highest level since October. This rise was driven by stronger home sale and refinance-related prepayments, which grew +19.0% over the previous month and +34.9% over the previous year.
Data as of Apr. 30, 2025
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.22%
Month-over-month change: 0.28%
Year-over-year change: 4.10%
Total U.S. foreclosure pre-sale inventory rate: 0.38%
Month-over-month change: -1.71%
Year-over-year change: 3.74%
Total U.S. foreclosure starts: 29,000
Month-over-month change -12.38%
Year-over-year change: 12.96%
Monthly prepayment rate (SMM): 0.71%
Month-over-month change: 19.01%
Year-over-year change: 34.92%
Foreclosure sales: 6,500
Month-over-month change: 6.42%
Year-over-year change: 9.43%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,752,000
Month-over-month change: 8,000
Year-over-year change: 94,000
Number of properties that are 90 or more days past due, but not in foreclosure: 476,000
Month-over-month change: -18,000
Year-over-year change: 59,000
Number of properties in foreclosure pre-sale inventory: 209,000
Month-over-month change: -3,000
Year-over-year change: 11,000
Number of properties that are 30 or more days past due or in foreclosure: 1,961,000
Month-over-month change: 5,000
Year-over-year change: 105,000
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Top 5 States by Non-Current* Percentage |
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Louisiana: |
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7.60% |
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Mississippi: |
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7.37% |
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Alabama: |
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5.53% |
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Indiana: |
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5.01% |
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Arkansas: |
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4.98% |
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Bottom 5 States by Non-Current* Percentage |
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Oregon: |
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2.19% |
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Montana: |
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2.08% |
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Idaho: |
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2.02% |
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Colorado: |
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2.00% |
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Washington: |
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1.94% |
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
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1.93% |
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Louisiana: |
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1.93% |
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Alabama: |
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1.49% |
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Florida: |
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1.30% |
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Georgia: |
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1.30% |
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Top 5 States by 12-Month Change in Non-Current* Percentage |
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New York: |
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-9.09% |
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Hawaii: |
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-6.47% |
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Maine: |
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-6.19% |
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Wyoming: |
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-4.92% |
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North Dakota: |
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-3.39% |
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
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Florida: |
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12.13% |
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Colorado: |
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10.90% |
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Arizona: |
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8.58% |
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Georgia: |
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8.58% |
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Michigan: |
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8.01% |
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*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. |
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Notes: |
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1) Totals are extrapolated based on ICE’s loan-level database of mortgage assets. |
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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.icemortgagetechnology.com/resources/data-reports on June 2, 2025.
