ICE First Look at Mortgage Performance: Delinquencies improved in July despite Hurricane Beryl’s impact on Houston homeowners
- The national delinquency rate fell 12 basis points (bps) to 3.37% in July, offsetting some of June’s calendar-related rise – dropping 3.5% for the month but up 4.8% from the same time last year
-
Delinquencies declined in all major markets except
Houston , where Hurricane Beryl resulted in an estimated 10K mortgage holders falling behind on payments as a result of the storm - Serious delinquencies (loans 90+ days past due but not in active foreclosure) rose 5K (+1.1%) to a five-month high, but are still down -33K (-7.0%) from the same time last year
- The number of borrowers a single payment past due dropped by -77K in July, while 60-day delinquencies climbed 11K
- While foreclosure starts increased by 7K (30%) in the month, that’s partially a byproduct of starts hitting a multi-year low the month prior rather than a sign of underlying stress in the market
-
Active foreclosure inventory nudged higher (+2K), but remains at its second-lowest level since
January 2022 and is still 34% below pre-pandemic levels - 5.5K foreclosure sales were completed in July representing a +3.7% month-over-month increase, but were down -9.6% from last year and are still running at less than half their 2019 averages
-
Prepayment activity (SMM) rose to 0.60% on easing rates, notching its highest mark since
September 2022
Data as of |
Total |
Month-over-month change: -3.46% |
Year-over-year change: 4.80% |
|
Total |
Month-over-month change: 1.05% |
Year-over-year change: -15.93% |
|
Total |
Month-over-month change 32.30% |
Year-over-year change: 13.91% |
|
Monthly prepayment rate (SMM): 0.60% |
Month-over-month change: 11.63% |
Year-over-year change: 19.86% |
|
Foreclosure sales: 5,500 |
Month-over-month change: 3.69% |
Year-over-year change: - 9.57% |
|
Number of properties that are 30 or more days past due, but not in foreclosure: 1,812,000 |
Month-over-month change: -61,000 |
Year-over-year change: 112,000 |
|
Number of properties that are 90 or more days past due, but not in foreclosure: 435,000 |
Month-over-month change: 5,000 |
Year-over-year change: -33,000 |
|
Number of properties in foreclosure pre-sale inventory: 188,000 |
Month-over-month change: 2,000 |
Year-over-year change: -32,000 |
|
Number of properties that are 30 or more days past due or in foreclosure: 1,999,000 |
Month-over-month change: -59,000 |
Year-over-year change: 80,000 |
Top 5 States by Non-Current* Percentage | |
|
8.02% |
|
7.93% |
|
5.70% |
|
5.34% |
|
5.16% |
|
|
Bottom 5 States by Non-Current* Percentage |
|
|
2.12% |
|
2.03% |
|
2.03% |
|
2.02% |
|
2.00% |
|
|
Top 5 States by 90+ Days Delinquent Percentage |
|
|
2.08% |
|
1.85% |
|
1.45% |
|
1.28% |
|
1.16% |
|
|
|
|
Top 5 States by 12-Month Change in Non-Current* Percentage |
|
|
-7.40% |
|
-6.59% |
|
-3.57% |
|
-3.29% |
|
-2.84% |
|
|
Bottom 5 States by 12-Month Change in Non-Current* Percentage |
|
|
11.73% |
|
11.32% |
|
9.33% |
|
8.96% |
|
8.07% |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. | ||
Notes: |
||
1) |
Totals are extrapolated based on ICE’s McDash loan-level database of mortgage assets. |
|
2) |
All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. |
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports by
For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
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Category: Mortgage Technology
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Source:
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822203757/en/
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