Mortgage delinquencies ease in July, but foreclosure inventory swells: ICE

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The U.S. mortgage delinquency rate [https://seekingalpha.com/pr/20209760-ice-first-look-at-mortgage-performance-delinquencies-ease-in-july-as-foreclosure-activity] (loans 30+ days past due, but not in foreclosure) strengthened to 3.27% in July, down nine basis points from a year ago and 58 bps below its pre-pandemic levels, according to Intercontinental Exchange's First Look report published Monday.

Serious delinquencies, or loans 90+ days past due but not in foreclosure, rose by 30K Y/Y to 466K in July. Even so, that's the smallest annual gain since November, as the impacts from recent wildfires and last year’s hurricanes continued to fade.

Meanwhile, FHA loan delinquencies, accounting for 52% of serious delinquencies, rose 15 bps Y/Y

“If you are looking for signs of a faltering economy, you won’t find them in July’s mortgage performance data,” said Andy Walden, head of Mortgage and Housing Market Research at ICE. “New delinquency inflows were down -13% from June and -5% from the same time last year, with the national delinquency rate improving on an annual basis for the second straight month, breaking what had been a 13-month streak of consecutive increases.”

Still, the total number of homes that were in the foreclosure process climbed 10% from a year earlier in July, with the initiation of new foreclosures rising annually for eight consecutive months and foreclosure sales up in each of the last five months. But the national foreclosure rate trailed its 2019 mark by 35%.

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