The U.S. mortgage delinquency rate dropped slightly in October compared with September to reach 3.45% of all loans, according to ICE Mortgage Technology’s First Look report.
Still, the delinquency rate was up 6% compared with October 2023.
As of the end of the month there were about 1,869,000 properties in some stage of delinquency (30 days or more past due but not in foreclosure), down about 11,000 compared with September but up by about 135,000 compared with October 2023.
Although 30- and 60-day delinquencies decreased compared with September, seriously past due loans (90+ days) continued their slow rise, up 7.3% from a year ago and at the highest level since May 2023.
About 479,000 properties were seriously delinquent, an increase of about 4,000 compared with September and up about 33,000 compared with October 2023.
There were about 29,000 foreclosure starts in October, according to ICE’s data, an increase of about 12% compared with September but a decrease of 12% compared with October 2023.
The total U.S. foreclosure pre-sale inventory rate was 0.35%, up 0.49% compared with the previous month but down 14.5% compared with a year earlier.
As of the end of the month, there were about 189,000 properties in the foreclosure pre-sale inventory – up about 1,000 compared with September but down about 28,000 compared with October 2023.
There were about 5,800 foreclosure sales – an increase of 10% compared with the month prior but down 9.45% compared with a year earlier.
The monthly pre-payment rate was 0.85%, an increase of 32.25% from the previous month and up 96% from a year ago.
Photo: Jakub Żerdzicki
