- The national delinquency rate fell to 3.09% in April – its
second lowest level on record behind only March 2023’s record low
of 2.92% – marking a 22 basis point (bps) improvement from the same
time last year
- Serious delinquencies (loans 90+ days past due but not in
active foreclosure) improved to their best level since August 2005,
down -17K (-4.0%) from March and -84K (-16.8%) year over year
- The number of borrowers a single payment past due dropped by
30K to hit an 8-month low, while 60-day delinquencies fell 6K to
their lowest level in 10 months
- The inflow of new 30-day lates along with rolls to later stages
of delinquency improved from March, while cures were down among
both early and late stage delinquencies
- Foreclosure starts declined -0.8% from March, pushing the
number of loans in active foreclosure to its lowest level since
January 2022 – some 30% below (-84K) pre-pandemic levels
- Though the 5.9K foreclosure sales completed nationally in April
represented a 1.5% month-over-month increase, they remain at
roughly half pre-pandemic norms
- Prepayment activity rose to its highest level since August 2023
due to a seasonal upswing in home sales, despite consumers still
facing rate-driven affordability and refinance headwinds
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, reports the following “first look”
at April 2024 month-end mortgage performance statistics derived
from its loan-level database representing the majority of the
national mortgage market.
Data as of April 30, 2024
Total U.S. loan delinquency rate (loans 30
or more days past due, but not in foreclosure): 3.09%
Month-over-month change: -3.28%
Year-over-year change: -6.63%
Total U.S. foreclosure pre-sale inventory
rate: 0.37%
Month-over-month change: -3.31%
Year-over-year change: -16.42%
Total U.S. foreclosure starts: 26,000
Month-over-month change -0.83%
Year-over-year change: 4.01%
Monthly prepayment rate (SMM): 0.52%
Month-over-month change: 8.39%
Year-over-year change: 18.83%
Foreclosure sales: 5,900
Month-over-month change: 1.55%
Year-over-year change: - 7.87%
Number of properties that are 30 or more
days past due, but not in foreclosure: 1,658,000
Month-over-month change: -53,000
Year-over-year change: -88,000
Number of properties that are 90 or more
days past due, but not in foreclosure: 417,000
Month-over-month change: -17,000
Year-over-year change: -84,000
Number of properties in foreclosure
pre-sale inventory: 199,000
Month-over-month change: -6,000
Year-over-year change: -35,000
Number of properties that are 30 or more
days past due or in foreclosure: 1,857,000
Month-over-month change: -59,000
Year-over-year change: -123,000
Top 5 States by Non-Current*
Percentage
Mississippi:
7.48%
Louisiana:
7.24%
Alabama:
5.38%
West Virginia:
4.81%
Arkansas:
4.79%
Bottom 5 States by
Non-Current* Percentage
Oregon:
2.02%
Montana:
1.94%
Idaho:
1.92%
Washington:
1.89%
Colorado:
1.80%
Top 5 States by 90+ Days
Delinquent Percentage
Mississippi:
1.92%
Louisiana:
1.71%
Alabama:
1.42%
Arkansas:
1.21%
Georgia:
1.10%
Top 5 States by 12-Month
Change in Non-Current* Percentage
New Hampshire:
-16.06%
Alaska:
-14.35%
Rhode Island:
-13.46%
District of Columbia:
-13.36%
Kentucky:
- 13.03%
Bottom 5 States by 12-Month
Change in Non-Current* Percentage
South Dakota:
0.37%
Louisiana:
0.08%
Arizona:
-0.12%
Arkansas:
-0.83%
Tennessee:
-1.56%
*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
June 3, 2024.
For more information about gaining access to ICE’s loan-level
database, please send an email to Mortgage.Monitor@bkfs.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges –
including the New York Stock Exchange – and clearing houses help
people invest, raise capital and manage risk. We offer some of the
world’s largest markets to trade and clear energy and environmental
products. Our fixed income, data services and execution
capabilities provide information, analytics and platforms that help
our customers streamline processes and capitalize on opportunities.
At ICE Mortgage Technology, we are transforming U.S. housing
finance, from initial consumer engagement through loan production,
closing, registration and the long-term servicing relationship.
Together, ICE transforms, streamlines and automates industries to
connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Category: Mortgage Technology
ICE-CORP
Source: Intercontinental Exchange
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240524599732/en/
ICE Media Contact Mitch Cohen mitch.cohen@bkfs.com
+1 704-890-8158
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
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