July 20, 2011 (Shirley Allen)
Mortgage delinquency rates jumped up 2.4 percent from May to June and foreclosure inventories inched up slightly 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, climbed from 7.96 percent in May to 8.15 percent in June, a gain of 2.4 percent that adds an additional 100,000 units to that category. However, compared to June of 2010, the delinquency rate continued to be significantly less, with a year-over-year decline of 14.7 percent.
The number of properties in foreclosure increased slightly from 2,164,000 in May to 2,167,000 in June.
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): 8.15% compared to 7.96% in May 2011
Month-over-month change in delinquency rate: 2.4% compared to -0.1% in May 2011
Year-over-year change in delinquency rate: -14.7% compared to -18.3% in May 2011
Total U.S foreclosure pre-sale inventory rate: 4.12% compared to 4.11% in May 2011
Month-over-month change in foreclosure presale inventory rate: 0.2% compared to -0.7% in May 2011
Year-over-year change in foreclosure presale inventory rate: 12.8% compared to 12.3% in May 2011
Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,285,000 compared to 4,187,000 in May 2011
Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,906,000 compared to 1,921,000 in May 2011
Number of properties in foreclosure pre-sale inventory: (B) 2,167,000 compared to 2,164,000 in May 2011
Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,452,000 compared to 6,350,000 in May 2011
States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, IL in May 2011)
States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in May 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