- The national delinquency rate rose 14 basis points to 3.48% in September, up 4.3% from August and 5.7% year over year
- September marked the fourth consecutive year-over-year rise in mortgage delinquencies, the longest such stretch since early 2018 outside of the initial impact of the COVID pandemic
- A 5.9% bump brought serious delinquencies (90+ days past due but not yet in active foreclosure) to a 16-month high and delivered a second consecutive month of year-over-year increases
- 30-day delinquencies hit a three-month high and 60-days were at the highest since January 2021; foreclosure activity remained muted, with both starts and sales/completions down in September
- The number of loans in active foreclosure was up marginally (+0.4%) month over month but down 12.5% from this time last year and still 34% below pre-pandemic levels
- Prepayment activity rose to a level not seen since August 2022; a +2.5% increase from the month prior and up +43.2% from last September
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at September 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 Sept. 30, 2024 |
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Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.48% |
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Month-over-month change: 4.30% |
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Year-over-year change: 5.74% |
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Total U.S. foreclosure pre-sale inventory rate: 0.35% |
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Month-over-month change: 0.33% |
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Year-over-year change: -13.94% |
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Total U.S. foreclosure starts: 26,000 |
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Month-over-month change -5.40% |
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Year-over-year change: 2.02% |
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Monthly prepayment rate (SMM): 0.64% |
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Month-over-month change: 2.54% |
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Year-over-year change: 43.20% |
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Foreclosure sales: 5,300 |
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Month-over-month change: -6.69% |
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Year-over-year change: -17.35% |
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Number of properties that are 30 or more days past due, but not in foreclosure: 1,880,000 |
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Month-over-month change: 79,000 |
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Year-over-year change: 132,000 |
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Number of properties that are 90 or more days past due, but not in foreclosure: 476,000 |
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Month-over-month change: 26,000 |
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Year-over-year change: 21,000 |
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Number of properties in foreclosure pre-sale inventory: 188,000 |
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Month-over-month change: 1,000 |
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Year-over-year change: -27,000 |
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Number of properties that are 30 or more days past due or in foreclosure: 2,068,000 |
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Month-over-month change: 80,000 |
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Year-over-year change: 105,000 |
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Top 5 States by Non-Current* Percentage |
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Louisiana: |
8.31% |
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Mississippi: |
8.20% |
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Alabama: |
5.83% |
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Indiana: |
5.46% |
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West Virginia: |
5.28% |
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Bottom 5 States by Non-Current* Percentage |
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Oregon: |
2.19% |
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Idaho: |
2.14% |
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Colorado: |
2.09% |
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Montana: |
2.06% |
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Washington: |
2.05% |
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
2.16% |
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Louisiana: |
2.05% |
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Alabama: |
1.50% |
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Arkansas: |
1.34% |
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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: |
-17.42% |
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New York: |
-9.41% |
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Vermont: |
-3.81% |
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Pennsylvania: |
-2.88% |
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Rhode Island: |
-2.67% |
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
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Arizona: |
14.85% |
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Louisiana: |
12.30% |
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Tennessee: |
9.26% |
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South Carolina: |
8.80% |
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Texas: |
8.41% |
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*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: |
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1) |
Totals are extrapolated based on ICE’s McDash 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 by Nov. 4, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
