The U.S. mortgage delinquency rate increased significantly in November, rising 8.38% compared with October, according to ICE Mortgage Technology’s First Look report.
As of the end of the month there were about 2.027 million residential properties in some stage of delinquency (30 days or more past due but not in foreclosure) – an increase of about 159,000 compared with the previous month and up about 224,000 compared with a year earlier.
About 3.74% of all loans were in some stage of delinquency.
Year-over-year, delinquencies were up 10.46%.
Serious delinquencies (90 days or more past due but not in foreclosure) also increased. They totaled about 512,000, as of the end of November – an increase of about 32,000 compared with the previous month and up about 53,000 compared with a year earlier.
While much of November’s spike was driven by seasonality, post-hurricane distress, and a late-in-the-month Thanksgiving, delinquencies more broadly continue to rise from recent year lows, ICE says in its report.
The foreclosure pre-sale inventory rate was about 0.34%, down about 2.09% compared with October and down nearly 16% compared with November 2023.
As of the end of the month, there we’re about 185,000 properties in the foreclosure pre-sale inventory – down about 4,000 compared with the previous month and down about 31,000 compared with a year earlier.
There were about 21,000 foreclosure starts in November – down nearly 30% compared with October and down nearly 30% compared with November 2023.
There were about 5,300 foreclosure sales in November, down 8.43% compared with the previous month and down 17.65% compared with a year ago.
The monthly prepayment rate was 0.63%, down about 25% compared with October but up about 71% compared with November 2023.
Photo: Agê Barros
