Foreclosures may have seen a drop in October, but serious delinquencies climbed by 6%
Nov. 27, 2024
Karen Roach / stock.adobe.com
For the fifth straight month, more homeowners were delinquent on their mortgage loans in October.
Despite a slowdown in foreclosures, mortgage delinquencies are on the rise. In October, fewer homeowners filed for foreclosure, but the number of those seriously behind on mortgage payments hit a 17-month high, according to National Mortgage Professional. While foreclosure activity remained historically low, the national delinquency rate climbed to 3.45%, a 6% increase from October 2023, marking the fifth straight month of year-over-year growth.
While 30- and 60-day delinquencies down from September, seriously past due loans (90-plus days) continued rising 7.3% higher than last year, reaching their highest level since May 2023.
Foreclosure starts increased 12.2% in October, while foreclosure completions rose by 10.1% on a monthly basis. On an annual basis, starts and completions fell by 12.3% and 9.5%, respectively.Read more
