by Calculated Risk on 7/31/2013 04:11:00 PM

Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in June to 2.77% from 2.83% in May. The serious delinquency rate is down from 3.53% in June 2012, and this is the lowest level since December 2008.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.

Earlier Freddie Mac reported that the Single-Family serious delinquency rate declined in June to 2.79% from 2.85% in May. Freddie's rate is down from 3.45% in June 2012, and is at the lowest level since May 2009. 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 image

Although this indicates progress, the "normal" serious delinquency rate is under 1%.

At the recent rate of improvement, the serious delinquency rate will not be under 1% until 2016 or so.