Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you partners with Google to predict housing trends

Nowcast will predict in real time

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits

LPS: Mortgages entering foreclosure fell 4.4% in October

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More than one-third of property owners with seriously delinquent mortgages haven't made a monthly payment in more than a year, according to the Lender Processing Services (LPS) mortgage monitor report for October. The company said another 263,000 loans entered the foreclosure process last month, which is down 4.4% from September. LPS said the total inventory of foreclosures includes 2.1 million loans with another 2.2 million loans more than 90-days delinquent but not yet in the process. LPS said foreclosure sales "decreased dramatically" the past month because of the nationwide moratoriums big banks put in place beginning in late September. Loans moving to REO status or other involuntary liquidation status fell 35% last month. "The moratoria contributed to further timeline extensions, as the average number of days past delinquent for loans in the foreclosure process approaches 500," LPS said. (Click on chart below to expand.) While the number of first-time troubled loans has remained stable the past few months, the level of 60-day delinquencies that became current after a previous delinquency and fell back to past due is rising, according to the LPS mortgage monitor. Earlier in November, LPS reported the delinquency rate for October was 9.29% for loans 30 days or more past due. The mortgage analytics firm maintains a database of more than 40 million loans. Write to Jason Philyaw.

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