- The national delinquency rate eased 2 basis points (bps) to 3.72% in December, but rose 4.0% year over year – the seventh consecutive annual increase – ending 2024 near a three-year high
- Early-stage delinquencies fell 41K (-3.6%) in the month, while serious delinquencies (loans 90+ days past due but not in active foreclosure) continued their slow climb – up 29K (+5.7%) in the month and a fifth consecutive rise year over year
- Foreclosure sales declined by 5K (-5.6%) in December, hitting their lowest level in nearly two years, while foreclosure inventory climbed 7K (+3.8%), but was down -10.7% year-over-year
- Despite rising in December on volatility around the holidays, foreclosure starts averaged 26,800 per month in 2024, down from 28,500 in 2023 and lower than any year outside the pandemic moratoria
- Prepayment activity (measured by single-month mortality or SMM) fell to 0.57% on rising interest rates, down -9.8% in the month but up 47.2% from the same time last year
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at December 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of Dec. 31, 2024
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.72%
Month-over-month change: -0.60%
Year-over-year change: 4.02%
Total U.S. foreclosure pre-sale inventory rate: 0.35%
Month-over-month change: 3.72%
Year-over-year change: -10.68%
Total U.S. foreclosure starts: 31,000
Month-over-month change 50.37%
Year-over-year change: 29.69%
Monthly prepayment rate (SMM): 0.57%
Month-over-month change: -9.83%
Year-over-year change: 47.16%
Foreclosure sales: 5,000
Month-over-month change: -5.63%
Year-over-year change: -6.12%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,016,000
Month-over-month change: -11,000
Year-over-year change: 108,000
Number of properties that are 90 or more days past due, but not in foreclosure: 541,000
Month-over-month change: 29,000
Year-over-year change: 66,000
Number of properties in foreclosure pre-sale inventory: 192,000
Month-over-month change: 7,000
Year-over-year change: -20,000
Number of properties that are 30 or more days past due or in foreclosure: 2,208,000
Month-over-month change: -4,000
Year-over-year change: 89,000
| Top 5 States by Non-Current* Percentage | ||
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Louisiana: |
8.60% |
|
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Mississippi: |
8.33% |
|
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Alabama: |
6.09% |
|
|
Indiana: |
5.75% |
|
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Arkansas: |
5.57% |
|
|
|
||
|
Bottom 5 States by Non-Current* Percentage |
||
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Oregon: |
2.28% |
|
|
Colorado: |
2.18% |
|
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Idaho: |
2.15% |
|
|
Washington: |
2.14% |
|
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Montana: |
2.13% |
|
|
|
||
| Top 5 States by 90+ Days Delinquent Percentage | ||
|
Louisiana: |
2.30% |
|
|
Mississippi: |
2.29% |
|
|
Alabama: |
1.68% |
|
|
Florida: |
1.57% |
|
|
Georgia: |
1.49% |
|
|
|
||
|
Top 5 States by 12-Month Change in Non-Current* Percentage |
||
|
Hawaii: |
-12.70% |
|
|
New York: |
-11.13% |
|
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Rhode Island: |
-7.32% |
|
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Alaska: |
-7.23% |
|
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Massachusetts: |
-6.93% |
|
|
|
||
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
||
|
Florida: |
23.10% |
|
|
South Carolina: |
10.54% |
|
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North Carolina: |
10.42% |
|
|
Arizona: |
8.93% |
|
|
Georgia: |
7.18% |
|
*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 loan-level mortgage and property records databases.
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://mortgagetech.ice.com/resources/data-reports by February 3, 2025.
For more information about gaining access to ICE’s loan-level database, please send an email to ICE-MortgageMonitor@ice.com.
