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Servicing

Number of Americans in foreclosure plummets: LPS

The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.

The total delinquency rate for loans 30 days or more past due, but not yet in foreclosure, also fell below 6.5% for the first time since July of 2008.

The total number of homeowners who are either delinquent or in foreclosure maintained its downward trajectory, reaching 4.7 million in April, LPS Applied Analytics noted. 

Currently, 6.21% of loans surveyed by LPS are classified as 30-days past due, but not in foreclosure. The delinquency rate is down 5.81% from the prior month and 9.61% from year ago levels.

The total U.S. foreclosure pre-sale inventory rate hit 3.17% in April, down 24.55% from year ago levels.

Overall, 3.1 million properties are more than 30 days delinquent.

States with the highest percentage of non-current mortgages include Florida, New Jersey, Mississippi, Nevada and New York.

Meanwhile, the list of states with the lowest percentage of non-current loans includes Montana, Wyoming, Alaska, South Dakota and North Dakota.

kpanchuk@housingwire.com

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