According to FHFA’s latest data, 0.1% of all outstanding mortgages were in foreclosure, bankruptcy, or deed-in-lieu at the end of the second quarter of 2024. This rate has remained steady in recent quarters and is significantly lower than the peak of 3.5% reached during the financial crisis in 2010 and 2011.
The data also showed that 0.6% of all outstanding mortgages were 90 days or more past due but not yet in foreclosure. States with the highest share of delinquent loans include Louisiana at 1.3%, Mississippi at 1.1%, and Washington, DC, also at 1.1%.
Forbearance rates were another key focus of the report. At the end of Q2 2024, 0.6% of all loans were in forbearance. The metropolitan areas with the highest forbearance rates were Dallas-Plano-Irving, TX, with a rate of 5.3%, Louisville-Jefferson County, KY-IN, at 4.7%, and Houston-The Woodlands-Sugar Land, TX, at 3.7%.
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The NMDB’s Aggregate Statistics are derived from a comprehensive database of first-lien residential mortgages, offering a nationally representative sample of US mortgages. The FHFA’s updates to the database fulfill a mandate under the Housing and Economic Recovery Act of 2008, which requires the agency to collect and report on mortgage market data while safeguarding borrower privacy.