Fannie Mae, Freddie Mac: Mortgage Serious Delinquency rates declined in April, Lowest since early 2009

Fannie Mae reported that the Single-Family Serious Delinquency rate declined in April to 2.93% from 3.02% in March. The serious delinquency rate is down from 3.63% in April 2012, and this is the lowest level since January 2009.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.

Freddie Mac reported that the Single-Family serious delinquency rate declined in April to 2.91% from 3.03% in March. Freddie's rate is down from 3.51% in April 2012, and this is the lowest level since June 2009. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

Note: These are mortgage loans that are "three monthly payments or more past due or in foreclosure".

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Although this indicates some progress, the "normal" serious delinquency rate is under 1%. 

At the recent rate of improvement, the serious delinquency rate will not be under 1% until late 2016 or 2017.