According to the latest ICE Mortgage Monitor, delinquencies trended higher in February, breaking from typical seasonal patterns. The number of delinquent mortgages has risen by 131K year over year, with FHA mortgages accounting for 90% of that increase. In addition, their data show Home prices are softening across the country: Annual home price growth slowed to +2.7% in February, with early data for March showing further cooling to +2.2%.
“Analysis of ICE HPI data shows a broad-based cooling of home prices, with 90% percent of U.S. markets experiencing slower home price growth compared to three months ago…This trend is being driven by improved inventory levels, which are up 27% over last year, and stabilized mortgage rates, which dipped below 6.6% in early March and have been holding in the 6.6%-6.7% range.” Said Andy Walden, Head of Mortgage and Housing Market Research for ICE.
Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).
