A payment has not been made on the average loan in foreclosure in 599 days, up from 587 the previous month, according to Lender Processing Services Inc.'s latest monthly Mortgage Monitor report.
LPS said late Tuesday that at the current rate of foreclosure sales it takes 111 months to work through loans at least 90 days delinquent or in foreclosure in judicial states, but just 32 months in non-judicial states.
Nearly 1.9 million loans have been at least 90 days delinquent but not yet in foreclosure. Of these, 42% have not made a payment in more than a year with an average delinquency of 397 days. LPS said this also marks a new record.
In total, 4.9 million loans have been at least 90 days delinquent or in foreclosure.
LPS in its latest monthly report pegged the total U.S. loan delinquency rate at 8.34%, the month-to-month change in delinquency rate at 2.4%, the total U.S. foreclosure pre-sale inventory rate at 4.11%, and the month-to-month change in foreclosure pre-sale inventory rate at -0.4%.
Based on a combination of foreclosures and delinquencies as a percentage of active loans, the states with the highest percentage of delinquencies are Florida, Mississippi, Nevada, New Jersey and Illinois. States with the lowest percentage of non-current loans are Montana, Wyoming, Alaska, South Dakota, and North Dakota.
