According to the latest ICE Mortgage Monitor, mortgage delinquencies held relatively steady in April with the national delinquency (DQ) rate rising by just 1 basis point (bp) to 3.22% in the month. The national DQ rate is up 13 bps (4.1%) YoY and while serious delinquencies (SDQs) ‒ loans 90+ days past due but not in foreclosure ‒ improved seasonally in April, they were up 14% YoY, continuing a six-month streak of 10%+ increases. Foreclosure starts (+13%), sales (+9%), and active inventory (+4%) all rose YoY for the second consecutive month.
However, they do point out that while mortgage performance still remains historically strong, delinquency and foreclosure metrics are gradually trending higher on a year-over-year basis.
Click here to read the full report at ICE Mortgage Technology (formerly Black Knight).