by Bill McBride on 6/29/2016 01:01:00 PM
Wednesday, June 29, 2016
Freddie Mac reported that the Single-Family serious delinquency rate decreased in May to 1.11% from 1.15% in April. Freddie's rate is down from 1.58% in May 2015.
This is the lowest rate since August 2008.
Freddie's serious delinquency rate peaked in February 2010 at 4.20%.
These are mortgage loans that are "three monthly payments or more past due or in foreclosure".
Click on graph for larger image
Although the rate is generally declining, the "normal" serious delinquency rate is under 1%.
The Freddie Mac serious delinquency rate has fallen 0.47 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will be below 1% in a few months.
Note: Fannie Mae reported yesterday.