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Interest Rate Hikes Shrinking ‘Refinancible’ Population; Home Price Increases Potentially Opening New Home Equity Loan Market

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This month’s Mortgage Monitor also looked at foreclosure pipelines at both the national and state levels. Though national pipelines have been steadily decreasing due to both an increase in foreclosure sales and declining foreclosure starts, pressure is still growing or extreme in many states. New York, a judicial state, still has the largest pipeline ratio based on the very limited volume of current foreclosure sales in that state, but certain non-judicial states have seen dramatic increases in the wake of passing foreclosure-related legislation or rulings. California, for example, has seen its pipeline ratio increase nearly 70 percent since that state’s Homeowners Bill of Rights went into effect at the beginning of this year. Likewise, Massachusetts has seen an increase of 136 percent (to 168 months) since a Q2 2012 state Supreme Court ruling slowed the process significantly there.

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

- Total U.S. loan delinquency rate: 6.20 percent
- Month-over-month change in delinquency rate: -3.31 percent
- Total U.S. foreclosure presale inventory rate: 2.66 percent
- Month-over-month change in foreclosure presale inventory rate: -5.74 percent
- States with highest percentage of non-current loans: FL, MS, NJ, NY, ME
- States with the lowest percentage of non-current loans: MT, CO, WY, SD, ND

To view LPS’ First Look release, click here.

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