- The national delinquency rate fell 6 basis points (bps) year
over year to 3.04% in May; still the second lowest point on record,
behind 2.92% in March 2023
- A fifth consecutive monthly improvement in serious
delinquencies (those loans 90+ days past due, but not yet in active
foreclosure) reset what had already been a more than 18-year
low
- The number of mortgage-holders who’ve missed a single payment
dropped by -19K, while 60-day delinquencies edged up slightly (+4K)
from April
- While inflow of borrowers newly 30 days late dropped to a
one-year low, those rolling to later stages of delinquency edged
higher from April and fewer delinquent loans cured to current
status
- Foreclosure starts were down -6.5% from April, keeping active
foreclosure inventory at the lowest level since pandemic-era
moratoria were lifted in January 2022
- The total number of mortgage-holders currently in active
foreclosure remains 32% below (-92K) pre-pandemic levels
- Though up slightly for the month, foreclosure sales
(completions) in May were down -7.2% year over year and remain well
below pre-pandemic norms
- A seasonal rise in home sales and slightly improved refi
volumes pushed prepayments to their highest level since September
2022, even as rate-related headwinds persist
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, reports the following “first look”
at May 2024 month-end mortgage performance statistics derived from
its loan-level database representing the majority of the national
mortgage market.
Data as of May 31, 2024
Total U.S. loan delinquency rate (loans 30
or more days past due, but not in foreclosure): 3.04%
Month-over-month change: -1.55%
Year-over-year change: -1.94%
Total U.S. foreclosure pre-sale inventory
rate: 0.36%
Month-over-month change: -3.83%
Year-over-year change: -17.95%
Total U.S. foreclosure starts: 24,000
Month-over-month change -6.47%
Year-over-year change: -4.77%
Monthly prepayment rate (SMM): 0.58%
Month-over-month change: 10.45%
Year-over-year change: 6.60%
Foreclosure sales: 6,300
Month-over-month change: 6.26%
Year-over-year change: - 7.21%
Number of properties that are 30 or more
days past due, but not in foreclosure: 1,634,000
Month-over-month change: -24,000
Year-over-year change: -5,000
Number of properties that are 90 or more
days past due, but not in foreclosure: 410,000
Month-over-month change: -7,000
Year-over-year change: -38,000
Number of properties in foreclosure
pre-sale inventory: 191,000
Month-over-month change: -7,000
Year-over-year change: -38,000
Number of properties that are 30 or more
days past due or in foreclosure: 1,825,000
Month-over-month change: -31,000
Year-over-year change: -43,000
Top 5 States by Non-Current*
Percentage
Mississippi:
7.41%
Louisiana:
7.25%
Alabama:
5.19%
Indiana:
4.77%
West Virginia:
4.68%
Bottom 5 States by Non-Current*
Percentage
California:
1.97%
Idaho:
1.89%
Montana:
1.87%
Washington:
1.83%
Colorado:
1.83%
Top 5 States by 90+ Days Delinquent
Percentage
Mississippi:
1.93%
Louisiana:
1.70%
Alabama:
1.41%
Arkansas:
1.19%
Georgia:
1.09%
Top 5 States by 12-Month Change in
Non-Current* Percentage
Vermont:
-12.16%
Alaska:
-10.42%
New York:
-9.64%
New Hampshire:
-9.63%
New Mexico:
- 8.79%
Bottom 5 States by 12-Month Change in
Non-Current* Percentage
Louisiana:
7.03%
South Dakota:
4.45%
Arizona:
2.28%
Nebraska:
1.80%
Arkansas:
1.48%
*Non-current totals combine foreclosures and delinquencies as a
percent of active loans in that state.
Notes:
1) Totals are extrapolated based on ICE’s
McDash loan-level database of mortgage assets. 2) All whole numbers
are rounded to the nearest thousand, except foreclosure starts and
sales, which are rounded to the nearest hundred.
The company will provide a more in-depth review of this data in
its monthly Mortgage Monitor report, which includes an analysis of
data supplemented by detailed charts and graphs that reflect trend
and point-in-time observations. The Mortgage Monitor report will be
available online at
https://www.icemortgagetechnology.com/resources/data-reports by
July 1, 2024.
For more information about gaining access to ICE’s loan-level
database, please send an email to Mortgage.Monitor@bkfs.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges –
including the New York Stock Exchange – and clearing houses help
people invest, raise capital and manage risk. We offer some of the
world’s largest markets to trade and clear energy and environmental
products. Our fixed income, data services and execution
capabilities provide information, analytics and platforms that help
our customers streamline processes and capitalize on opportunities.
At ICE Mortgage Technology, we are transforming U.S. housing
finance, from initial consumer engagement through loan production,
closing, registration and the long-term servicing relationship.
Together, ICE transforms, streamlines and automates industries to
connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Category: Mortgage Technology
ICE-CORP
Source: Intercontinental Exchange
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240621604728/en/
ICE Media Contact Mitch Cohen mitch.cohen@bkfs.com
+1 704-890-8158
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart
From May 2024 to Jun 2024
Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart
From Jun 2023 to Jun 2024