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LPS: Foreclosure inventories rise in October while yearly delinquency rate drops

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Lender Processing Services (LPS) said the delinquency rate in October was 9.29% for loans that were 30 or more days overdue. The rate was flat with the September delinquency rate of 9.27%, but year-over-year,  the delinquency rate is down 8.4%, said LPS, a data and analytics firm in the mortgage finance and residential real estate industries. The current inventory of pre-sale foreclosures is 3.92% of the housing market, up 2.1% over September and up 5.2% over the year-ago figure. The data comes from a "first look" at month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans. LPS said 4.95 million properties have loans that are 30 or more days past due, but not in foreclosure while 2.24 million properties have mortgages that are 90 or more days delinquent. Last month, the number of 90+ delinquencies stood at 2.3 million. Nearly 2.1 million homes are in pre-sale foreclosure inventory, while the total number of properties that are 30 or more days delinquent or in foreclosure stands at more than 7.04 million, similar to last month’s figures. States with highest percentage of noncurrent loans were Florida, Nevada, Mississippi, Georgia, Louisiana and New Jersey. States with the lowest percentage of noncurrent loans were Montana, Wyoming, Alaska, South Dakota and North Dakota. Noncurrent totals combine foreclosures and delinquencies as a percent of active loans in that state. LPS will provide a more in-depth review of this data in its monthly Mortgage Monitor report, due out on Nov. 22. Write to Kerry Curry.

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