• The national delinquency rate eased to 3.34% in February, down 4 basis points (bps) from the month before and 11 bps lower than in February 2023
• While the number of borrowers one payment behind rose modestly by 10K, those 60 days late as well as those 90 or more days past due both fell to their lowest levels in three months
• Delinquency inflows rose 6.5% from January’s eight-month low, while rolls to later stages continued their recent improvement
• Serious delinquencies (loans 90+ days past due but not in active foreclosure) are down 103K (-18%) year over year, with the population now standing at 459K
• Representing 5.3% of serious delinquencies, February’s 25K foreclosure starts is the second lowest in the last twelve months
• The number of loans in active foreclosure fell -7K to 211K, remaining 25% (-72K) below pre-pandemic levels
• 6K foreclosure sales were completed nationally in February, a 9% decrease from the previous month and the second lowest level in the trailing 12-month period
• Prepayment activity rose 3 bps in February to a level not seen since October, as a brief dip in rates heading into the month provided a modest increase in refinance incentive
emphasis added
Note: that last column below is for the same month in 2019 to show the change from pre-pandemic levels.
| ICE: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Feb 2024 |
Jan 2024 |
Feb 2023 |
Feb 2019 |
|
| Delinquent | 3.34% | 3.38% | 3.45% | 3.89% |
| In Foreclosure | 0.40% | 0.41% | 0.46% | 0.51% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: |
1,782,000 | 1,803,000 | 1,811,000 | 2,019,000 |
| Number of properties in foreclosure pre-sale inventory: |
211,000 | 219,000 | 240,000 | 264,000 |
| Total Properties | 1,993,000 | 2,022,000 | 2,050,000 | 2,284,000 |