Delinquency Rate Surges, But Foreclosures Fall
Despite the residential delinquency rate rising in December, the foreclosure presale inventory fell, according to Lender Processing Services.
In the Jacksonville, Fla.-based analytic company’s “first look” report that analyzes mortgage performance statistics from its loan-level database of approximately 70% of the overall market, the national loan delinquency rate at the end of December was 7.17%. This represents a 0.74% from November, but is down 9.11% from a year ago.
Meanwhile, the total U.S. foreclosure presale inventory rate is now at 3.44%, a 1.99% month-over-month decline and 18% less than December 2011.
LPS said more than 3.5 million are 30 or days past due, but not in foreclosure. Furthermore, approximately 1.5 million housing units are seriously delinquent, but not in foreclosure.
The number of properties in the foreclosure presale inventory is 1.7 million residential units.
The states that have the high percentage of noncurrent loans are Florida, Mississippi, New Jersey, Nevada and New York, LPS revealed.
Conversely, the fewest delinquent loans are found in Montana, Wyoming, Alaska, South Dakota and North Dakota.