LPS: Despite Rising Cure Rates, 7.4 Million Loans Still Late

Even though servicers are improving their "cure rates" the housing market is still saddled with 7.4 million delinquent loans, according to a new report from Lender Processing Services. In its latest Mortgage Monitor update, LPS said Florida, Nevada, New Jersey, Arizona, California, Illinois, Indiana and Ohio showed foreclosure inventories at a higher percentage than the average national foreclosure rate of 3.27%. The total U.S. loan delinquency rate was 9.12%. The number of noncurrent loans has declined over the past six months, but 16 states showed an increase in the number of noncurrent loans. The figures represent a snapshot of the market at March 31. Total delinquencies, excluding foreclosures, decreased 10.3% from February to March. However, the total represents a year-over-year increase of 15.7%. States with the most noncurrent loans include Florida, Nevada, Mississippi, Arizona, Georgia, California, Illinois, Rhode Island, New Jersey and Michigan.