Publication Date:
Tue, 2010-09-21 10:12
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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:
- Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 9.22%
- Year-over-year change in delinquency rate: -5.1%
- Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,947,000
- Number of properties that are 90 or more days delinquent, but not in foreclosure: 2,374,000
- Number of properties in foreclosure pre-sale inventory: (B) 2,038,000
- Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,985,000
- States with highest percentage of non-current loans: FL, NV, MS, GA, IL
- States with the lowest percentage of non-current loans: MT, WY, AK, SD, ND
