The national delinquency rate edged up 5 basis points (bps) to 3.53% in February, which marked a month-over-month change of 1.45% and a year-over-year change of 5.69%. That’s according to Intercontinental Exchange’s (ICE) first look for its February 2025 month-end mortgage performance statistics.
Today’s first look at the data revealed that FHA mortgages accounted for 90% of the 131,000 year-over-year rise in the number of delinquencies, despite making up less than 15% of all active mortgages.
Due to the debilitating wildfires in Los Angeles earlier this year, ICE says 4,100 homeowners in Los Angeles are now past due on their mortgages, up from 700 in January, with daily performance data suggesting that number could edge higher in March.
Foreclosure starts (-17%) eased in February as the U.S. saw 33,000 foreclosure starts, but are up from the same time last year as VA foreclosure activity resumed. Starts saw a year-over-year change of 34.53%.
The total U.S. foreclosure pre-sale inventory rate was 0.39% during February, a month-over-month change of 2.16% and a year-over-year change of -1.99%.
Prepayment activity (SMM) fell to 0.46% in February, the lowest level in a year, on higher rates and a seasonal dip in home sales. Month-over-month, SMM saw a change of -5.09% and year-over-year, a change of 8.71%.
Foreclosure sales were 5,600 during February, which is a month-over-month change of -11.40% and a year-over-year change of -7.03%.
A total of 1,913,000 properties were 30 or more days past due, but not in foreclosure, a month-over-month change of 28,000 and a year-over-year change of 131,000. However, 2,123,000 properties are 30 or more days past due or in foreclosure, a month-over-month change of 32,000 and a year-over-year change of 130,000.
The number of properties that are 90 or more days past due, but not in foreclosure measured at 528,000, a month-over-month change of -12,000, and a year-over-year change of 69,000.
A more in-depth review of this data will be released on April 7 in ICE’s Mortgage Monitor report.
