Mortgage delinquencies are in 'serious trouble,' says LPS analyst
Kyle Lundstedt, managing director of the applied analytics division at Lender Processing Services, said the housing market remains in "serious trouble" as current mortgage delinquencies are above 7 million distressed homeowners. Lundstedt spoke at Thursday's State of Housing webinar hosted by HousingWire. He said that he doesn't agree with earlier speaker Mark Zandi, chief economist for Moody's Analytics, who held strong optimism for the housing market. Perhaps most alarming to Lundstedt is the rise in prime mortgage delinquencies. "The prime markets are the place we've seen the most increase in foreclosure," he said. Lundstedt also pointed to regional troubles in the housing market. "It's shocking the 13% of mortgage in Florida are in foreclosure," he said. "Not delinquent, not in default, but in foreclosure." New problem loans are also back on the risk. "The inflow into the total delinquency bucket has turned back and is increasing again," he said. "We hope it's seasonal." The full webinar is available via HousingWire.com. Jacob Gaffney is the editor of HousingWire. Write him.