While foreclosure completions remained relatively flat in October, foreclosure starts rose to 33,000, hitting their highest level in 18 months, according to the ICE Mortgage Monitor report.
In October, there were 217,000 loans in active foreclosure, up 3,000 since September. However, this remains 25% under the pre-pandemic levels.
The national delinquency rate fell three basis points to 3.26% in October. Both short-term and long-term delinquencies ticked down.
Serious delinquencies (90+ days past due) fell, with 8,000 fewer borrowers in that category at 447,000 people in total. That is the lowest level since 2006, according to the report. Additionally, 70% of these loans are protected from foreclosure by loss mitigation efforts.
Meanwhile, early-stage delinquencies (30 and 60 days past due) also took a dive, down 15,000 borrowers month over month to 1.7 million in total. It was the first decline recorded in five months.
The five states with the worst mortgage performance were Mississippi, Louisiana, Alabama, Indiana and Arkansas. At the other end of the spectrum, California, Idaho, Montana, Washington and Colorado showed the best mortgage performance.
