ICE: Delinquencies Tick Up in September, but Foreclosures Down

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Intercontinental Exchange, Atlanta, released its “first look” at September 2023 month-end mortgage performance data, finding the national delinquency rate rose to 3.29%.

That’s up 12 basis points from August and up 13 basis points year-over-year–the largest annual increase in the past 2.5 years. It’s also only the second time it’s increased in that period.

However the delinquency rate remains below pre-pandemic levels.

Loans 30 days past due rose for the fourth consecutive month by 48,800. Loans 60 days past due rose for the sixth consecutive month by 8,700.

Serious delinquencies, defined as 90 or more days past due, rose by 7,000. But, they’re almost 7% below pre-pandemic September 2019 levels.

The number of loans in active foreclosure fell to 214,000 in September, the lowest point since March 2022, and about 25% below pre-pandemic levels.

Foreclosure starts were also down by 20.4%, ICE reported. Completed sales were down 8% from August.

Prepayments fell to 0.45%, down 26% year-over-year.