LPS: Mortgage delinquencies dip 10.6% in August
Mortgage delinquency rates and foreclosure pre-sale inventory levels fell in August, suggesting a gradual move away from a market rife with troubled home loans, according to data released by Lender Processing Services.
The month of August brought a 10.6% dip in the nation's mortgage delinquency rate when comparing the 31-day period to year ago levels, LPS said Monday.
It's a continuing trend. Last month, LPS said said mortgage delinquencies were down 30% from the peak established in January 2010.
LPS uses data from 70% of the nation's mortgages, available through the firm's own loan-level databases.
By August, the nation had a 6.87% delinquency rate, a drop from 2011 levels and a 2.3% decline from a month earlier.
The total U.S. foreclosure pre-sale inventory rate also fell 2% from 2011, hitting 4.04% in August.
The number of properties with loans 30 or more days past due, but not in foreclosure, reached 3.42 million, while the number of loans 90-plus days past due but not in foreclosure hit 1.52 million.
States with the most non-current loans included Florida, Mississippi, New Jersey, Nevada and New York. Those with the lowest percentage of non-current loans included Montana, Alaska, South Dakota, Wyoming and North Dakota.
The total number of mortgages in the foreclosure inventory hit 2 million.