According to the latest iteration of Intercontinental Exchange, Inc (also known as ICE) “First Look” report, the national delinquency rate fell to 3.09% in April, the second lowest level on record, only behind numbers reported in March 2023 when that number was 2.92%—marking a 22 basis point improvement year-over-year.
Loans 90+ days past due, also known as serious delinquency (but not in foreclosure), improved to theri best level since August 2005, down 17,000 files (or 4.0%) from March and by 84,000 files (or 16.8%) year-over-year.
The number of borrowers late by a single payment dropped by 30,000 accounts to an eight-month low, while borrowers two payments behind fell by 6,000 accounts to its lowest level in 10 months.
The inflow of new 30-day lates along with rolls to later stages of delinquency improved from March, while cures were down among both early and late-stage delinquencies.
Foreclosure starts declined -0.8% from March, pushing the number of loans in active foreclosure to its lowest level since January 2022—some 30% below (-84,000) pre-pandemic levels.
However, the 5,900 foreclosure sales completed nationally in April represented a 1.5% month-over-month increase, though this number in roughly half of what it was before the COVID-19 Pandemic hit.
By the numbers:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.09%
Month-over-month change: -3.28%
Year-over-year change: -6.63%
Total U.S. foreclosure pre-sale inventory rate: 0.37%
Month-over-month change: -3.31%
Year-over-year change: -16.42%
Total U.S. foreclosure starts: 26,000
Month-over-month change: -0.83%
Year-over-year change: 4.01%
Monthly prepayment rate (SMM): 0.52%
Month-over-month change: 8.39%
Year-over-year change: 18.83%
Foreclosure sales: 5,900
Month-over-month change: 1.55%
Year-over-year change: -7.87%
Number of properties that are 30 or more days past due, but not in foreclosure: 1,658,000
Month-over-month change: -53,000
Year-over-year change: -88,000
Number of properties that are 90 or more days past due, but not in foreclosure: 417,000
Month-over-month change: -17,000
Year-over-year change: -84,000
Number of properties in foreclosure pre-sale inventory: 199,000
Month-over-month change: -6,000
Year-over-year change: -35,000
Number of properties that are 30 or more days past due or in foreclosure: 1,857,000
Month-over-month change: -59,000
Year-over-year change: -123,000
Top 5 States by Non-Current Percentage
Mississippi: 7.48%
Louisiana: 7.24%
Alabama: 5.38%
West Virginia: 4.81%
Arkansas: 4.79%
Bottom 5 States by Non-Current Percentage
Oregon: 2.02%
Montana: 1.94%
Idaho: 1.92%
Washington: 1.89%
Colorado: 1.80%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi: 1.92%
Louisiana: 1.71%
Alabama: 1.42%
Arkansas: 1.21%
Georgia: 1.10%
Top 5 States by 12-Month Change in Non-Current Percentage
New Hampshire: -16.06%
Alaska: -14.35%
Rhode Island: -13.46%
District of Columbia: -13.36%
Kentucky: -13.03%
Bottom 5 States by 12-Month Change in Non-Current Percentage
South Dakota: 0.37%
Louisiana: 0.08%
Arizona: -0.12%
Arkansas: -0.83%
Tennessee: -1.56%
