Mortgage performance statistics showed an acceleration of U.S. home loan delinquencies entering the foreclosure process in August 2010, according to Jacksonville-based Lender Processing Services' latest First Look Mortgage Report, derived from a database of nearly 40 million mortgage loans.
"The fact that we're seeing foreclosure inventories rising is more a factor of process than increasing deterioration," explains Herb Blecher, Senior Vice President of LPS Applied Analytics, "Loans that have been delinquent for a historically long period of time are just now beginning to move through the pipeline. As of July 2010, the average length of time a loan in foreclosure had been delinquent was nearly 470 days." This report correlates with RealtyTrac's latest U.S. foreclosure report for August which also showed a record number of homes entering the foreclosure process.
Some of the report highights include: