Mortgage performance remained strong in April as the national delinquency rate fell to 3.09%, a decrease of 3.28% compared with March and down 6.63% compared with April 2023, according to ICE Mortgage Technology’s First Look report.
That was the second lowest mortgage delinquency rate on record – behind only March 2023’s record low of 2.92%.
As of the end of April, there were about 1.658 million residential properties 30 days or more past due – a decrease of 53,000 compared with the previous month and a decrease of 88,000 compared with a year ago.
There were about 417,000 serious delinquencies as of the end of April, down 17,000 month-over-month and down 84,000 year-over-year.
It was the lowest serious delinquency rate level since August 2005, ICE says.
The inflow of new 30-day lates along with rolls to later stages of delinquency improved from March, while cures were down among both early and late stage delinquencies.
There were about 26,000 foreclosure starts in April, down 0.8% compared with March but up 4% compared with April 2023.
As of the end of there month there were about 199,000 properties in the foreclosure pre-sale inventory, down 6,000 compared with the previous month and down 35,000 compared with a year ago.
The number of loans in active foreclosure fell to its lowest level since January 2022 – some 30% below (-84,000) pre-pandemic levels.
There were 5,900 foreclosure sales completed nationally in April, and while this is a 1.5% month-over-month increase, they remain at roughly half pre-pandemic norms ICE says.
Prepayment activity increased 8.39% compared with March and was up 18.83% compared with April 2023, reaching its highest level since August 2023.
Photo: Agê Barros
