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Delinquencies Drop as Bad Boom Loans Fade Away

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By Steve Cook

Though recent volatility in mortgage loan interest rates are not yet reflected in the data, the Mortgage Monitor did show that 2013 origination activity remained strong through April, with that month’s 835,000 new loans representing a 1.8 percent increase from March and a 34.1 percent growth from the prior year. The May data also showed an increase in prepayment rates, indicating that refinance activity, and likely associated originations, remained strong despite that month’s increased interest rates. LPS will continue to monitor the data to see what impact rate increases may have on originations in the months to come.

As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:

• Total U.S. loan delinquency rate: 5.08 percent
• Month-over-month change in delinquency rate: -2.11 percent
• Total U.S. foreclosure presale inventory rate: 3.05 percent
• Month-over-month change in foreclosure pre-sale inventory rate:-3.91 percent
• States with highest percentage of non-current* loans: FL, NJ, MS, NV, NY
• States with the lowest percentage of non-current* loans: MT, AK, WY, SD, ND
*Non-current totals combine foreclosures and delinquencies as a percent of active

 For more information, visit www.realestateeconomywatch.com

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