ICE: Mortgage Delinquency Rate Decreased in February - InvestingChannel

ICE: Mortgage Delinquency Rate Decreased in February

From ICE (formerly Black Knight): ICE First Look at Mortgage Performance: Delinquencies Improve and Foreclosures Drop as Prepayments Rise Modestly

• 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
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

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