According to the latest ICE Mortgage Monitor, the national delinquency rate rose by 7 bps in February to 3.72%, driven by a 4% seasonal rise in early (30-day) delinquencies and a 3% rise in seriously delinquent (90-plus day) loans. Their data show 878k loans are severely delinquent or in foreclosure – a sharp rise (+175k, +25%) over the past four months and the largest such volume since June 2018 (excluding the pandemic). FHA loans accounted for more than 80% of the recent increase, with seriously past due FHA loan volumes up by more than 40% over that span, compared with 14% for VA mortgages and 9% among GSEs. In addition, February saw 35k foreclosure starts, down 16% from January but up 6% year over year. Foreclosure sales declined 13% in the month but rose 25% year over year.
Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).
Discover more from Real Estate Investing Today
Subscribe to get the latest posts sent to your email.
