According to the latest ICE Mortgage Monitor, foreclosure activity continues to trend higher as the recent rise in serious delinquencies progresses down the foreclosure pipeline. Lenders initiated 37,300 foreclosures in August, down 6% from July and down 14% from June’s six-year high, though still up 29% year over year. The national delinquency rate rose 14 basis points to 3.53% in August, reversing nearly all of July’s 16-basis-point decline. They say the rise in August mortgage delinquencies was largely calendar (not credit) related, with the growth of serious delinquencies and foreclosures beginning to slow in recent months.
Click here to read the full report at ICE Mortgage Technology.
