Loan delinquencies and foreclosure rates continued to decline in February, Lender Processing Services said in its latest First Look Mortgage Report.

The U.S. loan delinquency rate fell to 6.80% in February. 

Meanwhile, the number of properties 30 or more days past due reached 3.4 million, while the number of serious delinquencies (90 days or more past due) hit 1.48 million.

The total foreclosure pre-sale inventory rate dropped to 3.38%, with the number of properties in the foreclosure pre-sale inventory reaching 1.69 million.

Overall, the number of properties that are 30 or more days delinquent or in foreclosure sank to 5.1 million.