Foreclosure Inventory Rises: Rates Drop

January 4, 2011 | Comments Off on Foreclosure Inventory Rises: Rates Drop

The November Mortgage Monitor report released by Lender Processing Services shows that while the number of bank-owned homes continues to drop as loan servicers delay foreclosures in the wake of government investigations, delinquent loans are increasing.

Nearly 2.2 million loans are 90 days or more past due but are not yet in foreclosure. The report also shows that among the one-third of loans that are 90 days or more delinquent, borrowers have not made a payment in a year.

Foreclosure inventories also continued to rise for the fifth straight month as foreclosures continued and sales declined. The inventory of foreclosed properties consisting of jumbo loans was seven times higher than it was in January 2008, and six times higher for agency prime loans.

Other results from the report include:

· Total U.S. loan delinquency rate: 9.02 percent
· Total U.S. foreclosure inventory rate: 4.08 percent
· Total U.S. non-current loan rate: 13.10 percent
· States with most non-current loans: Florida, Nevada, Mississippi, Georgia, New Jersey
· States with fewest non-current loans: North Dakota, South Dakota, Alaska, Wyoming, Montana

Source: Lender Processing Services (12/27/2010)


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