Mortgage delinquency rate declines, foreclosure inventory rises: LPS
Mortgage delinquencies declined slightly to 8.09% in September 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 0.5% from August and 12.7% 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 pre-sale inventory rate was 4.18%, up 1.7% from August and an increase of 8.9% from a year ago. LPS said 4.2 million properties are more than 30-days delinquent but not in foreclosure, while 1.84 million properties area at least 90 days past due but not in foreclosure. The company said 2.17 million homes are in the pre-foreclosure sale inventory. The statistics show that more than 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 while Montana, Alaska, Wyoming, South Dakota and North Dakota had the lowest percentages of noncurrent loans, which include delinquencies and foreclosures as a percentage of active loans in each state. LPS will provide a more in-depth review of its loan-level data in its monthly mortgage monitor report on Oct. 27. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.