by Calculated Risk September 25, 2024 2:21 PM
• The national delinquency rate decreased 3 basis points (bps) to 3.34% in August.down 0.9% from the previous month, but up 5.1% from the previous year
• The number of borrowers who were late on one payment fell by 26,000, but those 60 or more days delinquent increased slightly by 1,000.
• Serious delinquencies (loans that are 90 days or more past due but not in foreclosure) increased by 14,000 (+3.3%) to a six-month high but still remain historically low.
• Foreclosure starts fell 9% month over month, remaining 32% below 2019 levels
• Foreclosure inventory also improved this month; The percentage of foreclosed mortgages has reached the second lowest level on record. Outside the COVID-19 Moratorium
• 5.6K foreclosure sales were completed nationwide in August, up 2.6% from the previous month but down 18.1% from last year and down 58% from 2019 levels. Prepayment activity (SMM) increased to 0.62%, the lowest level in two years (August 2022) due to easing interest rates, up 4.7% from July and 18.0% from last year.
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Below is a table from ICE.
