LPS: Foreclosure inventory level hits four-year low
The U.S. foreclosure pre-sale inventory rate hit 3.05% in May, down 26.98% from a year ago and the lowest point reached since March of 2009, Lender Processing Services said.
From the previous month, the inventory declined 3.91%, showing ongoing improvement in the number of properties landing in the foreclosure inventory. The data is culled from the LPS First Look Mortgage Report, a report that provides a glimpse into 70% of the mortgage market.
Delinquencies also reached a new post-housing crisis low, with LPS reporting a delinquency rate of 6.08% — down 12.01% from a year ago.
The U.S. delinquency rate hasn’t been this low since May of 2008.
Overall, the total U.S. loan delinquency rate for loans 30 or more days past due hit 6.08% in May, down 12.01% from last year and a 2.11% percent drop from the previous month.
The number of properties 30 or more days past due, but not in foreclosure, hit 3.043 million in May, while those 90 days or more past due hit 1.335 million.
Meanwhile, the total number of properties in the foreclosure pre-sale inventory hovered at 1.525 million.
Overall, 4.569 million properties are listed as either delinquent or in foreclosure, according to LPS data.
States with the highest percentage of non-current loans include Florida, New Jersey, Mississippi, Nevada and New York.