
ICE First Look: Delinquencies Steady in May but Trending Higher Annually

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ICE Mortgage Technology, Atlanta, released its May 2025 First Look, finding that the national delinquency rate fell 2 basis points to 3.2% in May. However, it’s up 16 basis points from May 2024.
In general, delinquencies and foreclosure activity continues to trend slightly higher on an annual basis, with some seasonal and disaster-recovery related improvement.
Serious delinquencies–defined as 90-plus days past due but not yet in foreclosure–improved seasonally, but are still up 56,000 from the same time in 2024.
Disaster-related delinquencies improved, with those related to the 2024 hurricane season falling by 26% month-over-month and the Los Angeles wildfires by 9% month-over-month.
Foreclosure starts, active foreclosures and foreclosure sales rose annually as VA foreclosure resumptions continued to show up in the data.
Prepayment activity edged up to 0.71%–the highest rate since 2024. Prepayments were up 23.4% year-over-year.
The top five states by noncurrent percentage are Louisiana, at 7.54%, Mississippi, at 7.34%, Alabama, at 5.47%, Indiana, at 5.03% and Arkansas, at 4.98%.
The bottom five states by noncurrent percentage are Washington, at 1.9%, Idaho, at 1.97%, Colorado, at 2%, California, at 2.12% and Montana, at 2.13%.