by Bill McBride on 1/30/2017 05:18:00 PM
Monday, January 30, 2017
Fannie Mae reported today that the Single-Family Serious Delinquency rate decreased to 1.20% in December, down from 1.23% in November. The serious delinquency rate is down from 1.55% in December 2015.
This is the lowest serious delinquency rate since March 2008.
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 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 7 more months.
Note: Freddie Mac reported earlier.