Calculated Risk's Bill McBride takes a look at a recent Fannie Mae report that found the single-family serious delinquency rate (mortgage loans that are three monthly payments or more past due or in foreclosure) has reached its lowest percentage point since June 2008.

In March, the rate declined to 1.44%—down from 1.52% in February. In March 2015, the serious delinquency rate was 1.78%, and its highest recorded peak reached 5.59% in February 2010. However, if the "normal" serious delinquency rate is under 1%, complete recovery is still far ahead.

The Fannie Mae serious delinquency rate has only fallen 0.34 percentage points over the last year - the pace of improvement has slowed - and at that pace the serious delinquency rate will not be below 1% until 2017.

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