RISMEDIA, March 25, 2011—The delinquency rate on mortgages 30 days or more past due fell by more last month than it has in nearly a year, according to Lender Processor Services’ Mortgage Monitor report.
Delinquencies fell 1.2 percent from January and 18.4 percent from a year ago to top 8.8 percent of all mortgages.
However, foreclosure inventories remain higher than they were in February 2010. Presale inventory stands at 7.4 percent above the level of a year ago. Some 2,196 million properties are in the foreclosure inventory and a total of 6,856 million are 30 days delinquent or in foreclosure. Total U.S. foreclosure pre-sale inventory rate is 4.15 percent.
In January, LPS said foreclosure inventory remains under pressure due to a low volume of foreclosure sale activity, as foreclosure starts are outnumbering sales by 3:1. Foreclosure timelines continue to extend—the average loan in foreclosure has not made a payment in over 500 days.
States with the highest percentage of non-current loans are Florida, Nevada, Mississippi, New Jersey and Georgia. States with the lowest percentage of non-current loans are Montana, Wyoming, Alaska and North Dakota.
For more information visit www.realestateeconomywatch.com.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com