by Bill McBride on 11/30/2016 04:21:00 PM
Wednesday, November 30, 2016
Fannie Mae reported today that the Single-Family Serious Delinquency rate declined to 1.21% in October, down from 1.24% in September. The serious delinquency rate is down from 1.58% in October 2015.
These are mortgage loans that are "three monthly payments or more past due or in foreclosure".
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Click on graph for larger image
Although the rate is generally declining, the "normal" serious delinquency rate is under 1%.
The Fannie Mae serious delinquency rate has fallen 0.37 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will not be below 1% for about 7 more months.
Note: Freddie Mac reported yesterday.