by Calculated Risk on 12/21/2023 10:01:00 AM

From ICE (formerly Black Knight): ICE First Look at November Mortgage Performance: Delinquencies Historically Low Despite Seasonal Rise; Performance of Recent Originations Worth Watching

• The national delinquency rate edged higher to 3.39% in November – down 10 basis points (bps) from the same time last year – but remains 64 bps below pre-pandemic levels

• Likewise, early-stage delinquencies among VA loans hit their highest non-pandemic levels since 2009, as rising interest rates have begun to impact performance among recently originated loans

• Serious delinquencies (90+ days past due) rose to 459K, but remain down 123K (-21%) from November 2022

• Foreclosure starts decreased -12.2% in November to 29K with active foreclosure inventory falling to 216K, some 23% and 24% below 2019 levels respectively

• Prepayment activity fell again under continued pressure from seasonal homebuying patterns along with the residual effects of 30-year rates climbing above 7.75% the month prior

Black Knight: Percent Loans Delinquent and in Foreclosure Process
	Nov 2023	Oct 2023	Nov 2022	Nov 2019
Delinquent	3.39%	3.26%	3.01%	3.53%
In Foreclosure	0.41%	0.41%	0.37%	0.47%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:	1,804,000	1,734,000	1,734,000	1,868,000
Number of properties in foreclosure pre-sale inventory:	216,000	217,000	196,000	248,000
Total Properties	2,020,000	1,951,000	1,808,000	2,116,000