Foreclosure inventory rises in October: LPS
Mortgage delinquencies declined slightly to 7.93% in October from the previous month, according to the Lender Processing Services (LPS) first look at the monthly statistics in its loan-level database of nearly 40 million mortgages. The rate was down 2% from September and 14.6% lower than year-ago figures, according to the Jacksonville, Fla.-based provider of technology, data and analytics to the mortgage and real estate industries. The foreclosure presale inventory rate now stands at 4.29%. That is up 2.5% from September and a yearly increase in the foreclosure rate of 9.4%. LPS said nearly 4.1 million properties are more than 30-days delinquent but not in foreclosure, while about 1.76 million properties area at least 90 days past due but not in foreclosure. The company said 2.21 million homes are in the preforeclosure sale inventory. The statistics show that just under 6.3 million properties nationwide are either 30 or more days delinquent or in foreclosure. Florida, Mississippi, Nevada, New Jersey and Illinois have the highest percentages of noncurrent loans — unchanged from the prior month. Also unchanged from September are the states that have the lowest percentages of noncurrent loans, which include delinquencies and foreclosures as a percentage of active loans in each state: Montana, Alaska, Wyoming, South Dakota and North Dakota had the LPS will provide a more in-depth review of its loan-level data in its monthly mortgage monitor report on Nov. 30. Write to Justin T. Hilley. Follow him on Twitter @JustinHilley.