Despite a slight year-over-year increase, mortgage delinquencies remained low in August, according to technology and data provider Intercontinental Exchange. During August, the national delinquency rate decreased slightly by three basis points to 3.34%, showing a 0.9% decline for the month but a 5.1% increase when compared with last year. The number of borrowers who were one payment behind also dropped by 26,000, while those 60 days past due rose just slightly by 1,000. At the same time, foreclosure rates continue to fall.
Foreclosure starts fell by 9% from the month prior and remain 32% below their 2019 levels. Active foreclosure inventory also improved in the month, with the share of mortgages in foreclosure hitting the second-lowest level on record outside of the COVID-19 moratorium.
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