- The national delinquency rate ticked down 14 basis points (bps) to 3.20% in March, holding 27 bps higher than the record low in March 2023
- Historically, delinquencies fall an average -10.4% in March; conversely, months that end on Sundays – e.g., March 2024 – experience an average, if mostly temporary, upward pull of +6.9%
- Only the third such convergence in the last two decades, this March’s 4.2% drop in the delinquency rate is in line with the previous cases in which March ended on a Sunday
- Serious delinquencies (loans 90+ days past due but not in active foreclosure) dropped 24K (-5.2%) from February to hit their lowest level since June 2006
- March saw less inflow of past-due payments as well as fewer rolls to later stages of delinquency, with total cures up 9% as early-, mid- and late-stage delinquencies all saw improvement
- Even accounting for the 5.3% month-over-month rise in foreclosure starts, the month’s 26K starts was still below the average for the past 12 months
- The number of loans in active foreclosure fell to 205K in March – the fewest since January 2022 and still 28% below (-77K) pre-pandemic levels – with 5.8K foreclosures completed in the month
- Prepayment activity rose to its highest level in seven months driven by the lower rate environment of January and early February combined the start of the spring homebuying season
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at March 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 Mar. 31, 2024 |
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Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.20% |
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Month-over-month change: -4.15% |
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Year-over-year change: 9.40% |
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Total U.S. foreclosure pre-sale inventory rate: 0.38% |
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Month-over-month change: -3.18% |
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Year-over-year change: -15.80% |
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Total U.S. foreclosure starts: 26,000 |
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Month-over-month change 5.28% |
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Year-over-year change: -19.03% |
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Monthly prepayment rate (SMM): 0.48% |
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Month-over-month change: 15.32% |
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Year-over-year change: -4.14% |
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Foreclosure sales: 5,800 |
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Month-over-month change: -3.05% |
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Year-over-year change: - 21.97% |
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Number of properties that are 30 or more days past due, but not in foreclosure: 1,711,000 |
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Month-over-month change: -71,000 |
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Year-over-year change: 172,000 |
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Number of properties that are 90 or more days past due, but not in foreclosure: 435,000 |
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Month-over-month change: -24,000 |
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Year-over-year change: -77,000 |
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Number of properties in foreclosure pre-sale inventory: 205,000 |
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Month-over-month change: -6,000 |
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Year-over-year change: -35,000 |
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Number of properties that are 30 or more days past due or in foreclosure: 1,916,000 |
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Month-over-month change: -77,000 |
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Year-over-year change: 138,000 |
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Top 5 States by Non-Current* Percentage |
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Mississippi: |
7.60% |
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Louisiana: |
7.52% |
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Alabama: |
5.64% |
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Arkansas: |
4.86% |
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Indiana : |
4.86% |
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Bottom 5 States by Non-Current* Percentage |
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California: |
2.12% |
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Montana: |
2.08% |
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Idaho: |
2.04% |
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Washington: |
1.98% |
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Colorado:
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1.88% |
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
1.98% |
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Louisiana: |
1.77% |
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Alabama: |
1.46% |
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Arkansas: |
1.24% |
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Georgia: |
1.14% |
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Top 5 States by 12-Month Change in Non-Current* Percentage |
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Alaska: |
-5.10% |
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New Hampshire: |
-1.73% |
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New York: |
-0.07% |
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District of Columbia: |
0.39% |
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Kentucky: |
0.70% |
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
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South Dakota: |
18.62% |
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Arizona: |
18.38% |
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Louisiana: |
13.89% |
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Tennessee: |
13.44% |
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Georgia: |
11.57% |
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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 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. |
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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 May 6, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
