ICE: Mortgage Delinquency Rates Decreased in January
Industry Update
February 23, 2024
Source: Calculated Risk
In an expected rebound from December’s calendar-driven rise, the national delinquency rate dropped to 3.38% in January, the lowest since October, and flat from the same time last year.
Past-due mortgages were down across the board, as inflows and rolls to later stages of delinquency fell, while early- and late-stage delinquency cures improved.
Serious delinquencies (loans 90+ days past due but not in active foreclosure) were down 109K (-19%) year over year, with the population now at 470K.
Representing 7.2% of serious delinquencies, January’s 34K foreclosure starts – the most since April 2022 – marked a +43.3% month over month jump, driven in part by seasonal pressures.
The number of loans in active foreclosure rose 7K to 219K, but remained 23% below (-64K) pre-pandemic levels.
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