Mortgage delinquencies and foreclosures continue to plummet across the nation, with the U.S. loan delinquency rate hitting 6.20% in August, down 10% from last year and 3.31% from a month earlier, Lender Processing Services said in its latest First Look mortgage report.
The report utilizes loan-level data from LPS’ large database of mortgages, which covers roughly 70% of the mortgage market.
Meanwhile, the foreclosure inventory rate fell 34% year-over-year, and now stands at 2.66% — it’s lowest point in four and a half years.
In just one month's time, the foreclosure presale inventory rate fell 5.74%.
The number of properties with mortgages 30 or more days past due reached 3.124 million in August, while the number of homes 90 days or more late on their mortgages stands at 1.288 million.
The entire pipeline of delinquent homes – or properties in foreclosure – is at 4.465 million.
States with the highest percentage of non-current homes include Florida, Mississippi, New Jersey, New York and Maine. Those with the lowest percentage were Montana, Colorado, Wyoming, South Dakota and North Dakota.