Mortgage delinquencies were at a rate of 3.2% as of the end of March, a decrease of 4.15% compared with February but up 9.4% compared with March 2023, according to ICE Mortgage Technology’s First Look report.
As of the end of the month there were about 1.7 million residential properties 30 days or more past due but not in foreclosure, according to the report. That’s down about 71,000 compared with February but up 172,000 compared with March 2023.
While the March delinquency rate was historically very low, it was 27 bps higher than the record low set in March 2023.
There were about 435,000 seriously delinquent properties (90 days or more past due), down about 24,000 compared with the previous month and down about 77,000 from a year earlier.
It was the lowest number of serious delinquencies since June 2006, ICE says.
The foreclosure pre-sale inventory rate was 0.28%, down 3.15% compared with February and down about 15.8% compared with March 2023.
As of the end of the month, there were about 205,000 home in the foreclosure pre-sale inventory – down about 6,000 compared with the month prior and down about 35,000 compared with a year earlier.
There were about 26,000 foreclosure starts in March, an increase of 5.2% compared with February but down 19% compared with March 2023.
ICE notes that despite the increase, foreclosure starts were below the average for the previous 12 months.
There were about 5,000 foreclosure sales (REO) in March, down 3% compared with February and down about 22% compared with a year earlier.
Prepayment activity rose to its highest level in seven months, driven by the lower rate environment of January and early February combined with the start of the spring homebuying season.
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