In its June Mortgage Monitor report, LPS said that while delinquencies have declined slightly of late, they remain elevated at a rate of 9.55%. At the end of March residential servicers were processing monthly payments on roughly 60 million loans with 3.65% of those in some stage of foreclosure.
Jumbo and agency prime products are experiencing the greatest percentage increase in delinquencies and foreclosures since January 2008.
The report also shows that two loans are deteriorating in status for every one loan that improved.
LPS says that 775,000 loans that were current at the beginning of January are now at least 60 days delinquent or in foreclosure. The analytics firm noted that the volume of loans "curing" to a current status from most stages of delinquency has increased slightly.
The greatest percentage increase in cures over the last several months has come within the late stage of delinquency (180 days or more), and is primarily attributable to HAMP trial modifications being converted to a permanent status.
The total non-current loan rate is 13.2%. States with the most non-current loans include: Florida, Nevada, Mississippi, Georgia, and Arizona. States with the fewest non-current loans are North Dakota, South Dakota, Alaska, Wyoming, and Montana.
