- Coming off a near-record low in May and with June ending on a
Sunday, the national delinquency rate jumped +14.5% (+45 basis
points) to 3.49%, its second highest level in 18 months
- Sunday month-ends often lead to sharp, but typically temporary,
spikes in delinquent mortgages, as payments made on the last day of
a given month are not processed until the following month
- As such, June saw a +19.6% increase in the number of borrowers
a single payment past due – the highest inflow since May 2020 –
while 60-day delinquencies rose 11.8% to a five-month high
- Though up 5.1% from May, serious delinquencies (loans 90+ days
past due but not in active foreclosure) were still down ‑8.5% year
over year and 10.1% below pre-pandemic levels
- Foreclosure starts declined 6.2% in June – pushing active
foreclosure inventory to its lowest point since the end of
COVID-era moratoriums, now 34% below pre-pandemic levels
- 5.3K foreclosure sales were completed nationally in June,
representing a -14.9% month-over-month decrease to their lowest
level since February 2022, still well below pre-pandemic norms
- Prepayments eased -7.6% from May, breaking a six-month streak
of increasing prepay activity as we near the typical seasonal peak
of home sales, and affordability and rate constraints persist
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, reports the following “first look”
at June 2024 month-end mortgage performance statistics derived from
its loan-level database representing the majority of the national
mortgage market.
Data as of June 30, 2024
Total U.S. loan delinquency rate (loans 30
or more days past due, but not in foreclosure): 3.49%
Month-over-month change: 14.54%
Year-over-year change: 11.70%
Total U.S. foreclosure pre-sale inventory
rate: 0.35%
Month-over-month change: -3.09%
Year-over-year change: -18.44%
Total U.S. foreclosure starts: 23,000
Month-over-month change -6.21%
Year-over-year change: -19.03%
Monthly prepayment rate (SMM): 0.53%
Month-over-month change: -7.64%
Year-over-year change: -5.75%
Foreclosure sales: 5,300
Month-over-month change: -14.89%
Year-over-year change: - 22.16%
Number of properties that are 30 or more
days past due, but not in foreclosure: 1,873,000
Month-over-month change: 239,000
Year-over-year change: 223,000
Number of properties that are 90 or more
days past due, but not in foreclosure: 431,000
Month-over-month change: 21,000
Year-over-year change: -40,000
Number of properties in foreclosure
pre-sale inventory: 186,000
Month-over-month change: -6,000
Year-over-year change: -38,000
Number of properties that are 30 or more
days past due or in foreclosure: 2,058,000
Month-over-month change: 233,000
Year-over-year change: 184,000
Top 5 States by Non-Current*
Percentage
Mississippi:
8.35%
Louisiana:
8.08%
Alabama:
5.85%
Indiana:
5.38%
West Virginia:
5.27%
Bottom 5 States by
Non-Current* Percentage
Oregon:
2.20%
Idaho:
2.16%
Montana:
2.14%
Colorado:
2.14%
Washington:
2.06%
Top 5 States by 90+ Days
Delinquent Percentage
Mississippi:
2.03%
Louisiana:
1.79%
Alabama:
1.45%
Arkansas:
1.26%
Indiana:
1.14%
Top 5 States by 12-Month
Change in Non-Current* Percentage
Alaska:
-1.80%
Montana:
-0.28%
New York:
0.37%
Hawaii:
1.39%
Vermont:
2.80%
Bottom 5 States by 12-Month
Change in Non-Current* Percentage
South Dakota:
19.27%
Louisiana:
18.20%
Arizona:
17.48%
Tennessee:
16.43%
Arkansas:
15.18%
*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
August 5, 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/20240722581650/en/
ICE Media Contact Mitch Cohen mitch.cohen@ice.com
+1 704-890-8158
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
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