Delinquencies rose in November but remain historically low despite some worrying data about FHA and VA loans.
That’s according to ICE’s First Look at November Mortgage Performance, which clocked delinquencies at 3.39% last month. This is down 10 bps YOY and remains 64 bps below pre-pandemic levels.
Serious delinquencies– loans with missed payments more than 90 days late– increased to 459,000 but are 21% lower than the same time last year.
But while loans remain strong overall, FHA delinquencies hit a 9-year high (excluding the immediate aftermath of the pandemic). Early-stage delinquencies for VA loans also surged, reaching their highest non-pandemic levels since 2009.
Recently originated mortgages are suffering the most thanks to the high interest rates of late 2023.…
The overall mortgage delinquency rate fell to a record low in March, according to new data from CoreLogic.
Just 2.6% of all mortgages in the U.S. were in some stage of delinquency, down 0.3% from March 2022 and 0.4% from the month prior.
This is the lowest level ever recorded. CoreLogic chalks it up to the country’s unemployment rate, which is at a 50-year low.
Serious delinquencies in particular benefitted, down 1.5% YOY to 1.1% of all mortgages, a 23-year low.
Early-stage delinquencies (1.1%) and adverse delinquencies (0.3%) were unchanged YOY. The share of mortgages in some stage of foreclosure (0.3%) and the share that transitioned from current to early-stage (0.5%) were also unchanged from the same time last…
Delinquencies across the nation rose in February to 3.45% as economic pressures squeeze Americans, but remain down from last year, Black Knight reported.
Black Knight’s First Look at February 2023 data found that delinquent loans that are only a single payment behind overwhelmingly accounted for the increase. The 36,000 delinquency rise was driven by a 65,000 increase in first-time missed payments.
Delinquencies of 60 and 90 days both fell, down by 12,000 (-4%) and 17,000 (-3%) respectively.
Nearly all fifty states saw their serious delinquencies improve. On the other end, foreclosure starts also improved, breaking a streak of increases with a 9% dip. Starts remain almost 20% below pre-pandemic levels.
Active foreclosure inventory increased slightly and is up 15% from…
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Delinquencies on residential properties fell to 4.65% of all outstanding loans in Q4 2021, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The delinquency rate fell 23 basis points from Q3 2021 and 208 basis points year-over-year (YOY). Q4’s delinquency rate was 67 basis points lower than MBA’s survey average of 5.32%, while the rate for seriously delinquent loans was 2.83%, close to the longer-term average of 2.80%. MBA’s survey classifies loans as delinquent if the payment was not made based on the original terms of the mortgage. “Mortgage delinquencies descended in the final three months of 2021, reaching levels at or below MBA’s survey averages dating back to 1979,” said Marina Walsh, CMB, MBA’s Vice President of…
