- The national delinquency rate edged higher to 3.39% in November – down 10 basis points (bps) from the same time last year – but remains 64 bps below pre-pandemic levels
- While delinquencies remain low overall, the rate among FHA loans is now at a 9-year high – excluding the immediate aftermath of the pandemic – and will be worth watching closely in 2024
- Likewise, early-stage delinquencies among VA loans hit their highest non-pandemic levels since 2009, as rising interest rates have begun to impact performance among recently originated loans
- GSE mortgages have been more resilient, with early-stage delinquencies holding stronger and overall delinquency rates less than half the national average at 1.51%
- Serious delinquencies (90+ days past due) rose to 459K, but remain down 123K (-21%) from November 2022
- Foreclosure starts decreased -12.2% in November to 29K with active foreclosure inventory falling to 216K, some 23% and 24% below 2019 levels respectively
- Prepayment activity fell again under continued pressure from seasonal homebuying patterns along with the residual effects of 30-year rates climbing above 7.75% the month prior
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, reports the following “first look” at November 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Data as of Nov. 30, 2023
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Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.39% |
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Month-over-month change: 3.95% |
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Year-over-year change: -2.88% |
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Total U.S. foreclosure pre-sale inventory rate: 0.41% |
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Month-over-month change: -0.40% |
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Year-over-year change: -8.18% |
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Total U.S. foreclosure starts: 29,000 |
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Month-over-month change -12.19% |
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Year-over-year change: 6.70% |
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Monthly prepayment rate (SMM): 0.37% |
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Month-over-month change: -14.13% |
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Year-over-year change: -11.08% |
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Foreclosure sales: 6,500 |
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Month-over-month change: 0.70% |
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Year-over-year change: 3.81% |
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Number of properties that are 30 or more days past due, but not in foreclosure: 1,804,000 |
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Month-over-month change: 70,000 |
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Year-over-year change: -24,000 |
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Number of properties that are 90 or more days past due, but not in foreclosure: 459,000 |
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Month-over-month change: 12,000 |
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Year-over-year change: -123,000 |
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Number of properties in foreclosure pre-sale inventory: 216,000 |
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Month-over-month change: -1,000 |
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Year-over-year change: -16,000 |
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|
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Number of properties that are 30 or more days past due or in foreclosure: 2,020,000 |
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Month-over-month change: 69,000 |
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Year-over-year change: -39,000 |
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Top 5 States by Non-Current* Percentage |
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Mississippi: |
8.11% |
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Louisiana: |
7.75% |
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Alabama: |
5.78% |
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Indiana: |
5.24% |
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Arkansas: |
5.18% |
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Bottom 5 States by Non-Current* Percentage |
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California: |
2.24% |
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Idaho: |
2.16% |
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Washington: |
2.07% |
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Montana: |
2.06% |
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Colorado: |
1.99% |
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Top 5 States by 90+ Days Delinquent Percentage |
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Mississippi: |
2.12% |
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Louisiana: |
1.87% |
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Alabama: |
1.46% |
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Arkansas: |
1.30% |
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Georgia: |
1.21% |
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Top 5 States by 12-Month Change in Non-Current* Percentage |
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Alaska: |
-14.58% |
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Vermont: |
-13.06% |
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Rhode Island: |
-11.55% |
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North Dakota: |
-11.19% |
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New Hampshire: |
-10.37% |
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Bottom 5 States by 12-Month Change in Non-Current* Percentage |
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Idaho: |
7.26% |
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Louisiana: |
6.55% |
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South Dakota: |
5.33% |
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Hawaii: |
4.61% |
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Texas: |
2.48% |
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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:
- Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
- All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred.
NOTE: Due to the holidays ICE Mortgage Monitor will not publish a report in January. Reports for previous months are available online at https://www.blackknightinc.com/data-reports/. The next ICE Mortgage Monitor will publish February 5, 2024.
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
