- Coming off a near-record low in May and with June ending on a Sunday, the national delinquency rate jumped +14.5% (+45 basis points) to 3.49%, its second highest level in 18 months
- Sunday month-ends often lead to sharp, but typically temporary, spikes in delinquent mortgages, as payments made on the last day of a given month are not processed until the following month
- As such, June saw a +19.6% increase in the number of borrowers a single payment past due – the highest inflow since May 2020 – while 60-day delinquencies rose 11.8% to a five-month high
- Though up 5.1% from May, serious delinquencies (loans 90+ days past due but not in active foreclosure) were still down ‑8.5% year over year and 10.1% below pre-pandemic levels
- Foreclosure starts declined 6.2% in June – pushing active foreclosure inventory to its lowest point since the end of COVID-era moratoriums, now 34% below pre-pandemic levels
- 5.3K foreclosure sales were completed nationally in June, representing a -14.9% month-over-month decrease to their lowest level since February 2022, still well below pre-pandemic norms
- Prepayments eased -7.6% from May, breaking a six-month streak of increasing prepay activity as we near the typical seasonal peak of home sales, and affordability and rate constraints persist
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at June 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 June 30, 2024 |
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Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.49% |
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Month-over-month change: 14.54% |
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Year-over-year change: 11.70% |
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Total U.S. foreclosure pre-sale inventory rate: 0.35% |
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Month-over-month change: -3.09% |
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Year-over-year change: -18.44% |
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Total U.S. foreclosure starts: 23,000 |
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Month-over-month change -6.21% |
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Year-over-year change: -19.03% |
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Monthly prepayment rate (SMM): 0.53% |
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Month-over-month change: -7.64% |
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Year-over-year change: -5.75% |
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Foreclosure sales: 5,300 |
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Month-over-month change: -14.89% |
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Year-over-year change: - 22.16% |
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Number of properties that are 30 or more days past due, but not in foreclosure: 1,873,000 |
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Month-over-month change: 239,000 |
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Year-over-year change: 223,000 |
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Number of properties that are 90 or more days past due, but not in foreclosure: 431,000 |
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Month-over-month change: 21,000 |
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Year-over-year change: -40,000 |
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Number of properties in foreclosure pre-sale inventory: 186,000 |
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Month-over-month change: -6,000 |
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Year-over-year change: -38,000 |
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Number of properties that are 30 or more days past due or in foreclosure: 2,058,000 |
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Month-over-month change: 233,000 |
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Year-over-year change: 184,000 |
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Top 5 States by Non-Current* Percentage |
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Mississippi: |
8.35% |
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Louisiana: |
8.08% |
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Alabama: |
5.85% |
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Indiana: |
5.38% |
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West Virginia: |
5.27% |
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Bottom 5 States by Non-Current* Percentage |
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Oregon: |
2.20% |
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Idaho: |
2.16% |
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Montana: |
2.14% |
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Colorado: |
2.14% |
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Washington: |
2.06% |
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
2.03% |
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Louisiana: |
1.79% |
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Alabama: |
1.45% |
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Arkansas: |
1.26% |
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Indiana: |
1.14% |
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Top 5 States by 12-Month Change in Non-Current* Percentage |
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Alaska: |
-1.80% |
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Montana: |
-0.28% |
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New York: |
0.37% |
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Hawaii: |
1.39% |
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Vermont: |
2.80% |
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
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South Dakota: |
19.27% |
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Louisiana: |
18.20% |
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Arizona: |
17.48% |
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Tennessee: |
16.43% |
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Arkansas: |
15.18% |
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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. |
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 August 5, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
