The national mortgage delinquency rate edged higher to 3.39% in November, an increase of 3.95% compared with October but down 2.88% compared with November 2022, according to ICE Mortgage Technology’s First Look report.
As of the end of November there were about 1.8 million residential properties in some stage of delinquency (30 days or more last due but not in foreclosure), an increase of about 70,000 compared with the previous month but down about 24,000 compared with a year earlier.
About 459,000 properties were in serious delinquency – or 90 days or more past due but not in foreclosure – an increase of about 12,000 compared with October but down around 123,000 compared with November 2022.
ICE notes that early-stage delinquencies among VA loans hit their highest non-pandemic levels since 2009, as rising interest rates have begun to impact performance among recently originated loans.
There were about 29,000 foreclosure starts in November, down about 12% compared with October but up about 6.7% compared with November 2022.
The foreclosure presale inventory rate was 0.41%, dow slightly compared with the previous month and down about 8% from a year ago.
As of the end of the month there were about 216,000 properties in the foreclosure presale pipeline, down by about 1,000 from the previous month and down about 16,000 from a year earlier.
There were about 6,500 foreclosure sales in November, an increase of about 0.7% compared with October and an increase of about 3.81% compared with November 2022.
The monthly prepayment rate was 0.37%, down about 14% compared with the previous month and down about 11% compared with a year earlier.
Prepayment activity fell again under continued pressure from seasonal homebuying patterns, along with the residual effects of 30-year rates climbing above 7.75% the month prior, ICE says in the report.
Photo: Luis Georg Müller
