Mortgage Foreclosure, Forbearance Data Now Available in FHFA’s New Dashboard
Industry Update
September 30, 2024
Source: Mortgage Professional America (MPA)
The Federal Housing Finance Agency (FHFA) has released updated data from its National Mortgage Database (NMDB®) on residential mortgage performance through the second quarter of 2024, along with a new interactive tool that makes it easier for the public to access and analyze this information.
The NMDB Aggregate Statistics offer a snapshot of the loan performance of residential mortgages across the United States, providing insight into national, state, and metropolitan-level trends. FHFA’s new data visualization dashboard allows users to easily monitor mortgage performance, offering detailed views of foreclosure rates, forbearance data, and delinquency figures.
“The new dashboard makes it easier for the public to quickly access and review mortgage performance statistics at the national and state levels and for the 100 largest metropolitan areas,” said Anju Vajja, deputy director for FHFA’s research and statistics division. “The NMDB quarterly data releases allow the public to monitor and more closely examine the data to identify emerging mortgage market trends as they develop.”
According to FHFA’s latest data, 0.1% of all outstanding mortgages were in foreclosure, bankruptcy, or deed-in-lieu at the end of the second quarter of 2024. This rate has remained steady in recent quarters and is significantly lower than the peak of 3.5% reached during the financial crisis in 2010 and 2011.
The data also showed that 0.6% of all outstanding mortgages were 90 days or more past due but not yet in foreclosure. States with the highest share of delinquent loans include Louisiana at 1.3%, Mississippi at 1.1%, and Washington, DC, also at 1.1%.
Forbearance rates were another key focus of the report. At the end of Q2 2024, 0.6% of all loans were in forbearance. The metropolitan areas with the highest forbearance rates were Dallas-Plano-Irving, TX, with a rate of 5.3%, Louisville-Jefferson County, KY-IN, at 4.7%, and Houston-The Woodlands-Sugar Land, TX, at 3.7%.
For full report, please click the source link above.