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- The national delinquency rate fell 3 basis points (bps) to 3.26% in October, marking a 9 bps (-2.8%) improvement from the same time last year
- Serious delinquencies (90+ days past due) fell to 447K, once again hitting their lowest levels since 2006
- Loans 30-days late also declined, marking the first such improvement in five months
- Despite the improvement in delinquencies, foreclosure starts rose to 33K in October, hitting their highest levels in 18 months – while the number of foreclosure sales (completions) remained relatively flat
- Active foreclosure inventory inched up 3K to 217K, but remains more than 25% below prepandemic levels
- While foreclosure starts rose in October, near term risk remains muted, with serious delinquencies historically low and more than 70% of such loans protected from foreclosure by loss mitigation efforts
- Prepay activity (measured as single-month mortality) dwindled to just 0.43% under continued seasonal pressure, despite interest rates easing somewhat from the prior month
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, reports the following “first look” at October 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of Oct. 31, 2023
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Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.26% |
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Month-over-month change: -0.99% |
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Year-over-year change: -2.81% |
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Total U.S. foreclosure pre-sale inventory rate: 0.41% |
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Month-over-month change: 1.17% |
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Year-over-year change: -6.13% |
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Total U.S. foreclosure starts: 33,000 |
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Month-over-month change 30.43% |
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Year-over-year change: 32.85% |
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Monthly prepayment rate (SMM): 0.43% |
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Month-over-month change: -3.41% |
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Year-over-year change: -12.78% |
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Foreclosure sales: 6,400 |
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Month-over-month change: 0.48% |
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Year-over-year change: 0.78% |
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Number of properties that are 30 or more days past due, but not in foreclosure: 1,734,000 |
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Month-over-month change: -15,000 |
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Year-over-year change: -22,000 |
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Number of properties that are 90 or more days past due, but not in foreclosure: 447,000 |
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Month-over-month change: -8,000 |
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Year-over-year change: -135,000 |
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Number of properties in foreclosure pre-sale inventory: 217,000 |
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Month-over-month change: 3,000 |
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Year-over-year change: -11,000 |
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Number of properties that are 30 or more days past due or in foreclosure: 1,951,000 |
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Month-over-month change: -12,000 |
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Year-over-year change: -32,000 |
Top 5 States by Non-Current* Percentage
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Mississippi: |
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7.91% |
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Louisiana: |
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7.46% |
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Alabama: |
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5.60% |
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Indiana: |
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5.11% |
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Arkansas: |
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5.03% |
Bottom 5 States by Non-Current* Percentage
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California: |
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2.14% |
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Idaho: |
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2.14% |
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Montana: |
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2.02% |
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Washington: |
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2.01% |
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Colorado: |
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1.91% |
Top 5 States by 90+ Days Delinquent Percentage
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Mississippi: |
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2.11% |
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Louisiana: |
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1.81% |
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Alabama: |
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1.43% |
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Arkansas: |
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1.24% |
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Georgia: |
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1.17% |
Top 5 States by 12-Month Change in Non-Current* Percentage
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Alaska: |
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-17.16% |
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Rhode Island: |
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-14.59% |
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Vermont: |
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-12.28% |
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Iowa: |
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-11.08% |
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Maine: |
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-10.14% |
Bottom 5 States by 12-Month Change in Non-Current* Percentage
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Idaho: |
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10.84% |
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Louisiana: |
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6.94% |
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Hawaii: |
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6.61% |
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South Dakota: |
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5.68% |
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Delaware: |
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3.69% |
| *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. | ||
| Notes: | ||
| 1) Totals are extrapolated based on Black Knight’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://www.blackknightinc.com/data-reports/ by December 4, 2023.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
