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Servicing

LPS: Mortgage delinquencies decline in February

Mortgages at least 30 days past due dropped 5% in February from a month earlier and declined 14% from February 2011.

A preliminary look at monthly data from Lender Processing Services (LPS) showed those delinquent but nonforeclosure loans made up 7.57% of its database of 40 million loans. That's down from 7.97% in January.

U.S. foreclosure presale inventory dropped to 4.13%, or 2.07 million, of mortgages in February from 4.15% the month prior.

A total of 5.85 million loans were either in foreclosure or 30-plus days past due at the end of the month, down from 6.08 million in January.

States with the highest percentage of noncurrent mortgages remained unchanged month-to-month, with Florida, Mississippi, Nevada, New Jersey and Illinois on top. Lowest-percentage states also stayed the same, with Montana, Alaska, Wyoming, South Dakota and North Dakota leading the way.

LPS will release an in-depth look of its foreclosure data March 27. Click on below chart to expand.

(Source: LPS)

ascoggin@housingwire.com

@AScoggin

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