ICE First Look: Delinquencies Edge Up, but Foreclosure Activity Still Low

(Image courtesy of ICE)

Intercontinental Exchange Inc., Atlanta, provided its first look at October mortgage performance, finding that the delinquency rate hit 3.45% in October, up 6% from October 2023.

October was the fifth consecutive month of year-over-year increases in the delinquency rate.

Drilling down, 30- and 60-day delinquencies decreased from September, but seriously past due loans–defined as 90-plus days past due–are up 7.3% from last year. Seriously past due delinquencies hit their highest level since May 2023.

Foreclosure starts were up by 12.2% in October, and completions rose by 10.1%. However, they’re both down from October 2023, by 12.3% and 9.5% respectively, and well below pre-pandemic numbers.

Foreclosure inventory increased by 1,000, but there are 28,000 fewer loans in active foreclosure activity overall.

Prepayment activity rose to 0.85% on easing interest rates. That’s nearly double what it was in October 2023.

The top five states by non-current percentage are Louisiana at 8.15%, Mississippi at 8.04%, Alabama at 5.72%, Indiana at 5.41% and Arkansas at 5.23%.

The bottom five states by non-current percentage are Washington at 2.03%, Colorado at 2.04%, Idaho at 2.05%, Montana at 2.06% and Oregon at 2.14%.