Both delinquency and foreclosure rates hit new post-housing crisis lows through the end of May, Lender Processing Services said in its “first look” mortgage report.
From its loan-level database representing approximately 70% of the overall market,
LPS said the May delinquency rate—which has not been at this mark since May 2008 when the rate was 5.96%—is down 2.11% from April and has fallen 12.01% on a yearly basis.
States with the highest percentage of noncurrent loans include Florida, New Jersey, Mississippi, Nevada and New York. Conversely, Montana, Alaska, Wyoming, South Dakota and North Dakota have the least amount of delinquent loans.
Meanwhile, the foreclosure pre-sale inventory rate hit 3.05% in May, down 26.98% from a year ago and the lowest point reached since March 2009 when the rate was 2.90%. LPS said this May marked the 13th straight month of foreclosure inventory declines.
“From the previous month, the inventory declined 3.91%, showing ongoing improvement in the number of properties landing in the foreclosure inventory,” the Jacksonville, Fla.-based analytic firm said in the report.
Overall, 4.57 million properties are listed as either delinquent or in foreclosure, according to LPS data.
