• The national delinquency rate edged higher to 3.39% in November – down 10 basis points (bps) from the same time last year – but remains 64 bps below pre-pandemic levels
• Likewise, 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
• Serious delinquencies (90+ days past due) rose to 459K, but remain down 123K (-21%) from November 2022
• Foreclosure starts decreased -12.2% in November to 29K with active foreclosure inventory falling to 216K, some 23% and 24% below 2019 levels respectively
• 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
| Black Knight: Percent Loans Delinquent and in Foreclosure Process | ||||
|---|---|---|---|---|
| Nov 2023 |
Oct 2023 |
Nov 2022 |
Nov 2019 |
|
| Delinquent | 3.39% | 3.26% | 3.01% | 3.53% |
| In Foreclosure | 0.41% | 0.41% | 0.37% | 0.47% |
| Number of properties: | ||||
| Number of properties that are delinquent, but not in foreclosure: |
1,804,000 | 1,734,000 | 1,734,000 | 1,868,000 |
| Number of properties in foreclosure pre-sale inventory: |
216,000 | 217,000 | 196,000 | 248,000 |
| Total Properties | 2,020,000 | 1,951,000 | 1,808,000 | 2,116,000 |