Thursday, December 21, 2023

ICE: Mortgage Delinquency Rate Increased Slightly in November

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
Delinquent3.39%3.26%3.01%3.53%
In Foreclosure0.41%0.41%0.37%0.47%
Number of properties:
Number of properties
that are delinquent,
but not in foreclosure:
1,804,0001,734,0001,734,0001,868,000
Number of properties
in foreclosure
pre-sale inventory:
216,000217,000196,000248,000
Total Properties2,020,0001,951,0001,808,0002,116,000

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