June 22, 2011 (Shirley Allen)
Mortgage delinquency rates and foreclosure inventories continued to show signs of stabilization in May as both categories experienced slight declines from April to May according to the latest “First Look” Mortgage Report released by Lender Processing Service (LPS), which is derived from its loan-level database of nearly 40 million loans.
The total number of loans that are 30 days or more past due, but not yet in foreclosure, fell from 7.98 percent in April to 7.96 percent in May, a decline of 0.1 percent. However, compared to May of 2010, the decline was significant, with a year-over-year decline of 18.3 percent.
The number of properties in foreclosure also decreased from 2,184,000 in April to 2,164,000 in May.
The “First Look” report contains highlights of the company’s forthcoming Mortgage Monitor report which will provide a more in-depth review including an analysis of data supplemented by in-depth charts and graphs that reflect trend and point-in-time observations.
Early highlights of the report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.96% compared to 7.98% in April 2011
Month-over-month change in delinquency rate: -0.1% compared to 2.4% in April 2011
Year-over-year change in delinquency rate: -18.3% compared to -16.3% in April 2011
Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.14% in April 2011
Month-over-month change in foreclosure presale inventory rate: -0.7% compared to -1.6% in April 2011
Year-over-year change in foreclosure presale inventory rate: 12.3% compared to 12.7% in April 2011
Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,187,000 compared to 4,204,000 in April 2011
Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,921,000 compared to 1,961,000 in April 2011
Number of properties in foreclosure pre-sale inventory: (B) 2,164,000 compared to 2,184,000 in April 2011
Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,350,000 compared to 6,388,000 in April 2011
States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, GA in April 2011)
States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in April 2011)
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.
Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans