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Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its March 2025 First Look, which reveals that while delinquency rates edged up slightly year over year (YoY), they remain below pre-pandemic levels.
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 decreased seasonally by -32 basis points (bps) to 3.21%, up 1 bps from the same time last year and only 29 bps above the 2.92% record low set in March 2023.
- While serious delinquencies (SDQs) also improved seasonally, they are up 14% (+60K) YoY, with the rise driven entirely by FHA delinquencies, which increased by +63K YoY.
- Higher SDQs, along with the lifting of a VA foreclosure moratorium, fueled a modest bump in foreclosure inventory and sales, which both rose annually for the first time in nearly two years.
- Disaster events, such as hurricanes and wildfires, have led to YoY delinquency increases across several states, including Florida (+44 bps), South Carolina (+17 bps), Georgia (+14 bps) and California (+10 bps).
- Monthly prepayment activity, measured by single-month mortality, jumped to 0.59% – a +30.4% increase over February and the highest level of prepayment activity since November.
Data as of Mar. 31, 2025
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.21%
Month-over-month change: -8.94%
Year-over-year change: 0.41%
Total U.S. foreclosure pre-sale inventory rate: 0.39%
Month-over-month change: 0.81%
Year-over-year change: 2.05%
Total U.S. foreclosure starts: 33,000
Month-over-month change 0.05%
Year-over-year change: 27.84%
Monthly prepayment rate (SMM): 0.59%
Month-over-month change: 30.35%
Year-over-year change: 22.88%
Foreclosure sales: 6,100
Month-over-month change: 8.89
Year-over-year change: 4.42%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,744,000
Month-over-month change: -169,000
Year-over-year change: 33,000
Number of properties that are 90 or more days past due, but not in foreclosure: 495,000
Month-over-month change: -33,000
Year-over-year change: 60,000
Number of properties in foreclosure pre-sale inventory: 213,000
Month-over-month change: 2,000
Year-over-year change: 7,000
Number of properties that are 30 or more days past due or in foreclosure: 1,957,000
Month-over-month change: -167,000
Year-over-year change: 40,000
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Top 5 States by Non-Current* Percentage |
|
|
Louisiana: |
7.52% |
|
Mississippi: |
7.27% |
|
Alabama: |
5.56% |
|
Indiana: |
5.00% |
|
Arkansas: |
4.90% |
|
Bottom 5 States by Non-Current* Percentage |
|
|
Oregon: |
2.21% |
|
Montana: |
2.12% |
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Colorado: |
2.01% |
|
Idaho: |
1.42% |
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Washington: |
1.37% |
|
Top 5 States by 90+ Days Delinquent Percentage |
|
|
Louisiana: |
2.02% |
|
Mississippi: |
2.02% |
|
Alabama: |
1.51% |
|
Florida: |
1.57% |
|
Georgia: |
1.47% |
|
Top 5 States by 12-Month Change in Non-Current* Percentage |
|
|
New York: |
-13.46% |
|
North Dakota: |
-9.39% |
|
Hawaii: |
-9.20% |
|
Rhode Island: |
-7.17% |
|
Massachusetts: |
-5.89% |
|
Bottom 5 States by 12-Month Change in Non-Current* Percentage |
|
|
Florida: |
10.36% |
|
Colorado: |
6.70% |
|
California: |
4.98% |
|
Arizona: |
4.58% |
|
Delaware: |
3.98% |
*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 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://mortgagetech.ice.com/resources/data-reports by May 5, 2025.
For more information about gaining access to ICE’s loan-level database, please send an email to ICE-MortgageMonitor@ice.com.
