Freddie Mac’s Delinquency Rate Creeps Higher in December

January 27, 2012 (Jeff Alan)

The delinquency rate for single-family homes in Freddie Mac’s portfolio increased for the fourth consecutive month to 3.58 percent in December from 3.57 percent in November according to the recently released Monthly Volume Summary.

That’s the highest level the delinquency rate has been at since last April, but is still well below what it was in December of last year when the delinquency rate for single-family homes was 3.84 percent. The delinquency rate has been on the rise since August, increasing by 2.6 percent during that time period.

Delinquency rates for multi-family dwellings in December declined to 0.22 percent from 0.28 percent in November. The delinquency rate in December of last year was 0.26 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Freddie Mac completed a total of 5,591 loan modifications in December, a decline of 18.8 percent over the 6,886 loan modifications completed in November and 38.5 percent below their 2011 monthly average.

For the entire year, Freddie Mac completed a total of 109,174 loan modifications, an average of 9,098 loan modifications per month.

Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 10.0 percent from November to December as their total holdings decreased from $2.093 trillion to $2.075 trillion.

Single-family refinance-loan purchase and guarantee volume was $23.3 billion in December, reflecting 76 percent of total mortgage purchases and issuances. That was a decline from $27.0 billion in November.

Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Freddie Mac