Lender Processing Services Inc., Jacksonville, Fla. reported that in December the U.S. delinquency rate of loans 30 or more days past due but not in foreclosure decreased to 8.83%. This is down by 2.1% compared to the previous month and an even deeper drop, at 17.9%, on a year-over-year basis.
However, these improvements in the delinquency rate do not change the fact that the number of delinquent properties totals nearly 6.9 million.
Properties that are 30 or more days past due, but not in foreclosure reached 4.67 million. Plus, an overwhelming 2.1 million are seriously delinquent or 90 or more days past due and the probability these properties will eventually go into foreclosure is very high.
It means sooner or later the current 4.15% total U.S foreclosure pre-sale inventory rate—which increased 9.3% compared to 2009—will further boost upward. Even in a better performing month like December the inventory rate went up by 1.7% from the previous month.
As expected and consistent with findings from other reports, the states with highest percentage of non-current loans continue to be Florida and Nevada, followed by more recent additions to the worst performing states list like Missouri, Georgia and New Jersey.
