According to ICE, mortgage delinquencies rose to 3.74% in November, a notable increase attributed to typical seasonality and the distress following recent hurricanes.
Andy Walden from ICE stated that although delinquencies are rising, especially in the FHA sector, they remain below long-run averages and warrant close observation.
Hurricanes Helene and Milton contributed significantly to the surge in delinquencies, adding 14,000 new cases, while serious delinquencies also reached a peak not seen since February 2023.
Despite increasing mortgage delinquencies, foreclosure activity remains low, evidenced by a 0.34% pre-sale foreclosure inventory rate and a 29% drop in starts from the previous month.
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