Mortgage Serious Delinquency Rate decreased in October
by Calculated Risk on 11/23/2022 06:12:00 PM
Freddie Mac reported that the Single-Family serious delinquency rate in October was 0.66%, down from 0.67% September. Freddie’s rate is down year-over-year from 1.32% in October 2021.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
Click on graph for larger image
Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.
The serious delinquency rate was at 0.60% just prior to the pandemic – almost back to that level.
Note that multi-family delinquencies have been increasing and were at 0.15% in October.