- The national delinquency rate rose 14 basis points to 3.48% in
September, up 4.3% from August and 5.7% year over year
- September marked the fourth consecutive year-over-year rise in
mortgage delinquencies, the longest such stretch since early 2018
outside of the initial impact of the COVID pandemic
- A 5.9% bump brought serious delinquencies (90+ days past due
but not yet in active foreclosure) to a 16-month high and delivered
a second consecutive month of year-over-year increases
- 30-day delinquencies hit a three-month high and 60-days were at
the highest since January 2021; foreclosure activity remained
muted, with both starts and sales/completions down in
September
- The number of loans in active foreclosure was up marginally
(+0.4%) month over month but down 12.5% from this time last year
and still 34% below pre-pandemic levels
- Prepayment activity rose to a level not seen since August 2022;
a +2.5% increase from the month prior and up +43.2% from last
September
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, reports the following “first look”
at September 2024 month-end mortgage performance statistics derived
from its loan-level database representing the majority of the
national mortgage market.
Data as of Sept. 30, 2024
Total U.S. loan delinquency rate (loans 30
or more days past due, but not in foreclosure): 3.48%
Month-over-month change: 4.30%
Year-over-year change: 5.74%
Total U.S. foreclosure pre-sale inventory
rate: 0.35%
Month-over-month change: 0.33%
Year-over-year change: -13.94%
Total U.S. foreclosure starts: 26,000
Month-over-month change -5.40%
Year-over-year change: 2.02%
Monthly prepayment rate (SMM): 0.64%
Month-over-month change: 2.54%
Year-over-year change: 43.20%
Foreclosure sales: 5,300
Month-over-month change: -6.69%
Year-over-year change: -17.35%
Number of properties that are 30 or more
days past due, but not in foreclosure: 1,880,000
Month-over-month change: 79,000
Year-over-year change: 132,000
Number of properties that are 90 or more
days past due, but not in foreclosure: 476,000
Month-over-month change: 26,000
Year-over-year change: 21,000
Number of properties in foreclosure
pre-sale inventory: 188,000
Month-over-month change: 1,000
Year-over-year change: -27,000
Number of properties that are 30 or more
days past due or in foreclosure: 2,068,000
Month-over-month change: 80,000
Year-over-year change: 105,000
Top 5 States by Non-Current*
Percentage
Louisiana:
8.31%
Mississippi:
8.20%
Alabama:
5.83%
Indiana:
5.46%
West Virginia:
5.28%
Bottom 5 States by Non-Current*
Percentage
Oregon:
2.19%
Idaho:
2.14%
Colorado:
2.09%
Montana:
2.06%
Washington:
2.05%
Top 5 States by 90+ Days Delinquent
Percentage
Mississippi:
2.16%
Louisiana:
2.05%
Alabama:
1.50%
Arkansas:
1.34%
Texas:
1.28%
Top 5 States by 12-Month Change in
Non-Current* Percentage
Hawaii:
-17.42%
New York:
-9.41%
Vermont:
-3.81%
Pennsylvania:
-2.88%
Rhode Island:
-2.67%
Bottom 5 States by 12-Month Change in
Non-Current* Percentage
Arizona:
14.85%
Louisiana:
12.30%
Tennessee:
9.26%
South Carolina:
8.80%
Texas:
8.41%
*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
Nov. 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023158235/en/
ICE Media Contact Mitch Cohen mitch.cohen@ice.com
+1 704-890-8158 ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
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