ICE First Look at Mortgage Performance: Foreclosures Up but Delinquencies Improve as the Mortgage Market Kicks Off 2024
22 Febbraio 2024 - 3:00PM
Business Wire
- In an expected rebound from December’s calendar-driven rise,
the national delinquency rate dropped to 3.38% in January, the
lowest level 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
- 6.6K foreclosure sales were completed nationally in January, a
23% increase from the previous month but in line with the monthly
average for the preceding year
- While January’s jump in foreclosures is worth watching, serious
delinquencies remain low, with 70% of such loans still protected
from foreclosure, reducing near-term risk
- Prepayment activity rose marginally as recently easing interest
rates in December and January provided a modest increase in
refinance incentive and homebuyer demand
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, reports the following “first look”
at January 2024 month-end mortgage performance statistics derived
from its loan-level database representing the majority of the
national mortgage market.
Data as of Jan. 31, 2024
Total U.S. loan delinquency rate (loans 30 or more days past
due, but not in foreclosure): 3.38% Month-over-month change: -5.48%
Year-over-year change: -0.06%
Total U.S. foreclosure pre-sale inventory rate: 0.41%
Month-over-month change: 3.41% Year-over-year change: -9.35%
Total U.S. foreclosure starts: 34,000 Month-over-month change
43.25% Year-over-year change: 5.08%
Monthly prepayment rate (SMM): 0.39% Month-over-month change:
1.40% Year-over-year change: 20.02%
Foreclosure sales: 6,600 Month-over-month change: 23.39%
Year-over-year change: -4.70%
Number of properties that are 30 or more days past due, but not
in foreclosure: 1,803,000 Month-over-month change: -106,000
Year-over-year change: 28,000
Number of properties that are 90 or more days past due, but not
in foreclosure: 470,000 Month-over-month change: -5,000
Year-over-year change: -109,000
Number of properties in foreclosure pre-sale inventory: 219,000
Month-over-month change: 7,000 Year-over-year change: -19,000
Number of properties that are 30 or more days past due or in
foreclosure: 2,022,000 Month-over-month change: -98,000
Year-over-year change: 9,000
Top 5 States by Non-Current*
Percentage
Mississippi:
6.07
%
Louisiana:
5.43
%
Alabama:
4.48
%
Oklahoma:
4.45
%
West Virginia:
4.24
%
Bottom 5 States by Non-Current*
Percentage
California:
2.17
%
Montana:
2.10
%
Washington:
2.09
%
Idaho:
2.09
%
Colorado:
1.97
%
Top 5 States by 90+ Days Delinquent
Percentage
Mississippi:
2.17
%
Louisiana:
1.97
%
Alabama:
1.53
%
Arkansas:
1.32
%
Georgia:
1.23
%
Top 5 States by 12-Month Change in
Non-Current* Percentage
Wyoming:
-8.94
%
New Hampshire:
-7.97
%
North Dakota:
-7.90
%
Rhode Island:
-7.69
%
New Mexico:
-7.63
%
Bottom 5 States by 12-Month Change in
Non-Current* Percentage
South Dakota:
8.66
%
Louisiana:
6.06
%
Arizona:
5.64
%
Tennessee:
4.98
%
Washington:
4.95
%
*Non-current totals combine foreclosures and delinquencies as a
percent of active loans in that state.
Notes:
- Totals are extrapolated based on ICE’s McDash loan-level
database of mortgage assets.
- 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
March 4, 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
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version on businesswire.com: https://www.businesswire.com/news/home/20240222225234/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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