American Foreclosures Plummet Nearly 25%

The number of Americans in foreclosure plummeted nearly 25% in April from year-ago levels, according to the latest “First Look” Mortgage Report from Lender Processing Services (LPS).

The total U.S. foreclosure pre-sale inventory rate reached 3.17% in April, down 24.55% when compared on a year-over-year basis.

The month-end data shows the total U.S. loan delinquency rate was 6.21%— the first time it was below 6.5% since July 2008.

With the real estate market making continued progress on its road to recovery, national foreclosures have been declining, as reported in the Obama Administration’s April Housing Scorecard.

Much of this, according to the scorecard, has been attributed to the Administration’s homeowner relief and assistance programs, such as the Making Home Affordable Program (MHAP) and Home Affordable Modification Program (HAMP).

Loans 30 days or more past due, but not in foreclosure, fell 5.81% on a month-over-month basis, and dropped 9.61% compared to April 2012’s reading, notes LPS.

Overall, the number of homeowners that were either delinquent or in foreclose reached 4.7 million as of April 2013. 

A provider of integrated technology and analytics to the mortgage and real estate industries, LPS performance statistics derived from its loan-level database representing approximately 70% of the overall market.

LPS said it will provide a more in-depth review of its data in its monthly Mortgage Monitor report when it is released June 5, 2013. 

Written by Jason Oliva

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