The total noncurrent inventory has fallen below 5 million for the first time since 2008, Lender Processing Services (LPS) said Monday. 

Foreclosure inventory came in at 1.69 million, now at its lowest level since April of 2009. This compares to 2.21 million homes in the inventory in November 2011, by way of comparison.

Total loan delinquency rates hit 6.59% in March with the month-over-month change falling to negative 3.13%.

Additionally, year-over-year change in delinquency rates came in at negative 3.03%. Foreclosure inventory is dropping, so far, for all of this year and the latter part of 2012. Levels did tick up in late 2012, however.

Total foreclosure pre-sale inventory rate was 3.37% in March while month-over-month change in foreclosure pre-sale inventory rate hit negative 0.41%. 

Additionally, year-over-year change in foreclosure pre-sale inventory rate accounted for negative 19.61%.

The number of properties that are 30 or more days past due, but not in foreclosure was 3.31 million in March. Meanwhile, the number of properties that are 90 or more days delinquent, but not in foreclosure hit 1.46 million last month. 

Regionally, Florida had the highest percentage of noncurrent loans. In comparison, Montana had the lowest percentage of noncurrent loans.