Serious delinquency rates (90+ days past due) continued to improve nationally, with the number of such loans decreasing in 45 states (90%) and Washington, D.C.
Foreclosure starts plunged 23% to 25,000 for the month, the lowest level since September 2022 and 45% below April 2019. Foreclosure was started on 4.9% of seriously delinquent loans, down slightly from March. Active foreclosure inventory also declined in April, down 6,000 during the period and down 60,000 from March 2020. There were 6,400 completed foreclosures in April, down 14% month over month.
Meanwhile, prepayment activity, which is mainly driven by refinances and home sales, dropped 0.44% due to high mortgage rates and low housing supply.
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