National delinquency rate drops again in March: LPS
The national delinquency rate continued to fall in March, according to the "First Look" report from Lender Processing Services, down to 7.8%. The report provides month-end mortgage performance statistics from LPS' loan-level database of nearly 40 million mortgages. The Jacksonville, Fla.-based firm will release more detailed reporting in its upcoming "Mortgage Monitor" report, which comes out at the end of this month. The delinquency rate has consistently decreased throughout all of 2011. March's figure is down 11.6% compared to February and down 19.4% compared to March 2010. This still accounts for an estimated 4.1 million homes that are 30-plus days delinquent, LPS reported. Approximately 2 million of those are seriously delinquent, meaning 90-plus days delinquent but not in foreclosure. There also an estimated 2.2 million homes that make up the foreclosure pre-sale inventory, LPS said. Florida posted the highest percentage of noncurrent loans statewide in January, followed by Nevada, Mississippi, New Jersey and Georgia. The states with the least percentage were, in descending order, Montana, Wyoming, Alaska, South Dakota and North Dakota. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.