More specifically, the national delinquency rate fell 3.6% in August to 2.79%, just 4 basis points above May 2022’s record low.
Improvement was broad-based. The number of borrowers with a single payment past due fell by 4%. Those with payments 90 days or more late fell by 4.5%.
After dropping steadily over recent months, cure activity also improved in August, with 62,000 seriously delinquent loans curing to current status, up from 58,000 in July.
Foreclosure starts totaled 20,300, a 15% increase in activity from July. However, that number is 44% below August 2019 levels.