More Borrowers Fall Behind on Their Mortgages in November

January 9, 2013 (Shirley Allen)

Mortgage delinquencies increased by 1.19 percent in November after falling by 4.91 percent in October but are still 9.06 percent below last year’s pace according to the latest “First Look” Mortgage Report released by Lender Processing Services (LPS).

The percentage of loans that were 30 days or more past due, but not yet in foreclosure, increased from 7.03 percent in October to 7.12 percent in November as nearly 83,000 more homeowner’s found themselves in trouble during the month.

The foreclosure inventory still continued to decrease in November, falling to a total of 1.767 million properties, down from 1.800 million properties in October, a decline of 13,000 properties. The foreclosure inventory was 16.42 percent lower than a year ago.

The number of properties in the shadow inventory increased again in November, climbing from 1.543 million properties in October to 1.583 million properties in November, a gain of 40,000 properties.

In all, the total number of properties that were either delinquent or in some stage of foreclosure increased from 5.300 million in October to 5.350 million in November.

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): 7.12% compared to 7.03% in October 2012

Month-over-month change in delinquency rate: 1.19% compared to -4.91% in October 2012

Year-over-year change in delinquency rate: -9.06% compared to -7.19% in October 2012

Total U.S foreclosure pre-sale inventory rate: 3.51% compared to 3.61% in October 2012

Month-over-month change in foreclosure presale inventory rate: -2.84% compared to –6.77% in October 2012

Year-over-year change in foreclosure presale inventory rate: -16.42% compared to –15.99% in October 2012

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 3,583,000 compared to 3,500,000 in October 2012

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,584,000 compared to 1,543,000 in October 2012

Number of properties in foreclosure pre-sale inventory: (B) 1,767,000 compared to 1,800,000 in October 2012

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 5,350,000 compared to 5,300,000 in October 2012

States with highest percentage of non-current* loans: FL, NJ, MS, NV, NY (FL, MS, NJ, NV, NY in October 2012)

States with the lowest percentage of non-current* loans: MT, WY, SD, AK, ND (MT, AK, SD, WY, ND in October 2012)

*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