Delinquency Rates Increase as Foreclosure Inventory Declines

May 18, 2011 (Shirley Allen)

Lender Processing Service (LPS) released its monthly “First Look” Mortgage Report for April 2011 yesterday, which is derived from its loan-level database of nearly 40 million loans. The month-end data shows that mortgage delinquency rates increased in the month of April as foreclosure inventories declined.

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): 7.97% compared to 7.78% in March 2011

Month-over-month change in delinquency rate: 2.4% compared to -11.6% in March 2011

Year-over-year change in delinquency rate: -16.3% compared to -19.4% in March 2011

Total U.S foreclosure pre-sale inventory rate: 4.14% compared to 4.21% in March 2011

Month-over-month change in foreclosure presale inventory rate: -1.6% compared to 1.4% in March 2011

Year-over-year change in foreclosure presale inventory rate: 12.7% compared to 11.0% in March 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,204,000 compared to 4,111,000 in March 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,961,000 compared to 1,989,000 in March 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,184,000 compared to 2,222,000 in March 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,388,000 compared to 6,333,000 in March 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, GA (FL, NV, MS, NJ, GA in March 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in March 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(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

Source:
LPS