According to the latest ICE Mortgage Monitor, serious delinquencies including foreclosures have reached pre-pandemic levels and new default activity has leveled off in recent months – which they say is a positive sign. The national delinquency rate rose 5 basis points to 3.55% in June (roughly half the typical seasonal increase) but remains 60 basis points below the pre-pandemic benchmark of 4.16% set in June 2019. In addition, they point out that serious delinquencies dipped seasonally to a six-month low in June with the number of borrowers 90-plus days past due or in active foreclosure is up 189,000 from a year ago. Interestingly, they say the bulk of that increase remains concentrated in FHA and VA mortgages.
Click here to read the full report at ICE Mortgage Technology.
