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

Auction.com 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
W S
Servicing

LPS: Mortgage delinquencies edge up in September

But still improved on a year-over-year basis

foreclosure

The performance of home loans monitored by Lender Processing Services backslid a bit in September, as the U.S. loan delinquency rate grew 4.23% from August to September, reaching a rate of 6.46%, LPS concluded.

In its "First Look" mortgage report, LPS examined loan-level data from its own database, effectively analyzing 70% of the overall mortgage market to reach these conclusions. 

Delinquencies year-over-year still fell dramatically, dropping 12.3% from September of 2012.

The market as a whole remains in rebuild mode with the foreclosure pre-sale inventory rate dropping 32.18% year-over-year, and 1.29% from a month earlier, to a rate of 2.63%.

A spokesperson for LPS added that "the nation’s foreclosure inventory continues to decrease, now down to just 2.63% of active mortgages (still just a hair above that February, 2009 threshold of 2.59%)."

LPS further highlighted year-over-year improvements in delinquencies.

The total number of properties classified as 30 or more days past due, but not in foreclosure, hit 3.266 million, while the number of properties more than day 90 days late on payments came in at 1.3 million.

The total pipeline of delinquent loans or properties in foreclosure stands at 4.59 million, LPS noted.

The states with the highest percentage of non-current loans currently include Florida, Maine, Mississippi, New Jersey and New York.

The states with the fewest non-current loans are Alaska, North Dakota, South Dakota, Montana and Wyoming.

Recent Articles by Kerri Panchuk

Comments powered by Disqus