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LPS: Foreclosure starts, sales decline

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Foreclosure starts and sales were down 15% month-over-month, while foreclosure sales fell 19%, according to a report on loan level data from Lender Processing Services (LPS).

LPS released its Mortgage Monitor report for the month of February Tuesday, showing foreclosure starts down 15% month-over-month, while foreclosure sales fell 19%.

Both judicial and non-judicial foreclosure states saw drops in foreclosure sales, suggesting expectations of a post-settlement foreclosure pick-up have yet to occur.

At the same time, delinquencies fell in February, hitting their lowest rate since August of 2008.

The delinquency rate hit 7.57% in February of this year, down from 7.97% in January and 8.80% from February of 2011.

Foreclosure starts in February also hit 172,502, compared to 203,916 a year earlier. 

The percentage of loans classified as seriously delinquent or in foreclosure hit 7.58% in February 2012, down from 8.24% in February of 2011. The actual foreclosure rate hit 4.13% in February, down from 4.15% a year earlier. 

kpanchuk@housingwire.com 

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