ICE: Mortgage Delinquencies Ease in July

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Non-current mortgages moved lower in July, according to the most recent ICE Mortgage Monitor. The service reported that total non-current mortgages nationally dropped to 3.9% in the month compared to 4.1% in June, with the delinquency falling to 3.4% from 3.6% in the prior month, and foreclosures holding steady at 0.5%. However, both of these figures were higher y/y. Delinquency and foreclosure rates were the highest in the South and Midwest, with Louisiana (8.2%), Mississippi (8.1%), Alabama (6.0%), Indiana (6.0%), and Arkansas (5.6%) comprising the top five. The states with the best performing mortgages in July were concentrated in the West, with Idaho, Montana, Washington, California, and Oregon reporting the lowest non-current rates, all 2.4% or less. The states seeing the greatest y/y increase in non-current rates were Hawaii (28.7%), Colorado (+17.2%), Michigan (+16.4%), Kentucky (+15.8%), and Indiana (+14.1%). New York, South Dakota, Wyoming, and Idaho say y/y declines in their non-current rates in July. 

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