Mortgage Delinquency Charge Elevated Yr-over-year in October

by Calculated Threat on 11/21/2024 02:15:00 PM

From ICE: ICE First Take a look at Mortgage Efficiency: Severe delinquencies hit 17-month excessive whereas foreclosures exercise stays traditionally muted

• At 3.45% in October, the nationwide delinquency price was up 6% from the identical time final yr, marking 5 consecutive months of year-over-year will increase

• Whereas 30- & 60-day delinquencies decreased from September, critically overdue loans (90+ days) continued their gradual rise, now up 7.3% from final yr and on the highest degree since Might 2023

• Although each foreclosures begins (+12.2%) and completions (+10.1%) had been up in October, each stay down from final yr (-12.3% and -9.5%, respectively) and nicely beneath pre-pandemic ranges

• Likewise, foreclosures stock was up a modest +1K within the month, however there are 28K fewer loans in lively foreclosures than there have been at this similar time final yr

• Prepayment exercise rose on easing rates of interest to a degree not seen in over two years (Might 2022) and almost double the place it was final October
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Here’s a desk from ICE.