by Bill McBride on 6/29/2012 04:41:00 PM
Friday, June 29, 2012
Fannie Mae reported that the Single-Family Serious Delinquency rate declined in May to 3.57% from 3.63% April. The serious delinquency rate is down from 4.14% in May last year, and this is the lowest level since April 2009.
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Freddie Mac reported that the Single-Family serious delinquency rate declined slightly in May to 3.50%, from 3.51% in April. Freddie's rate is only down from 3.53% in May 2011. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.
These are loans that are "three monthly payments or more past due or in foreclosure".
Click on graph for larger image
I don't know why Fannie's delinquency rate is falling faster than for Freddie.
The "normal" serious delinquency rate is under 1%, so there is a long way to go.