The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Earlier Freddie Mac reported that the Single-Family serious delinquency rate was declined in March to 1.73%. Freddie's rate is down from 2.20% in March 2014, and is at the lowest level since December 2008. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.
Note: These are mortgage loans that are "three monthly payments or more past due or in foreclosure".
Click on graph for larger imageThe Fannie Mae serious delinquency rate has fallen 0.41 percentage points over the last year - the pace of improvement has slowed - and at that pace the serious delinquency rate will be close to 1% in late 2016.
The "normal" serious delinquency rate is under 1%, so maybe serious delinquencies will be close to normal at the end of 2016. This elevated delinquency rate is mostly related to older loans - the lenders are still working through the backlog, especially in judicial foreclosure states like Florida.
Friday:
• At 10:00 AM ET, ISM Manufacturing Index for April. The consensus is for an increase to 52.0 from 51.5 in March. The ISM manufacturing index indicated expansion at 51.5% in March. The employment index was at 50.0%, and the new orders index was at 51.8%.
• Also at 10:00 AM, Construction Spending for March. The consensus is for a 0.5% increase in construction spending.
• Also at 10:00 AM, University of Michigan's Consumer sentiment index (final for April). The consensus is for a reading of 96.0, up from the preliminary reading of 95.9, and up from the March reading of 93.0.
• All day: Light vehicle sales for April. The consensus is for light vehicle sales to decrease to 16.9 million SAAR in April from 17.05 million in March (Seasonally Adjusted Annual Rate).
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