by Bill McBride on 12/29/2016 04:49:00 PM
Thursday, December 29, 2016
Fannie Mae reported today that the Single-Family Serious Delinquency rate increased to 1.23% in November, up from 1.21% in October. The serious delinquency rate is down from 1.58% in November 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 0.35 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will not be below 1% for about 8 more months.
Note: Freddie Mac reported earlier.