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Seven Million U.S. Mortgages Past Due or in Foreclosure: LPS
Posted By Carrie Bay On October 15, 2010 @ 11:57 am In Foreclosure,Market Studies | No Comments
There are 7,018,000 mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure, according to new data from ""Lender Processing Services"":http://www.lpsvcs.com (LPS).
[IMAGE] The Florida-based analytics and technology firm offered the media a preview Friday of its September month-end mortgage performance figures, derived from the company's loan-level database of nearly 40 million mortgage loans.
Of the more than 7 million home loans in the country currently going unpaid, 2,055,000 have already commenced foreclosure proceedings. LPS reports that[COLUMN_BREAK]
4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus-days delinquent bucket.
LPS' measurement of the U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) rose to 9.27 percent as of the end of September. That's a 0.6 percent increase over the previous month, but down 7.8 percent compared to last September.
The nation's pre-sale foreclosure inventory rate stands at 3.84 percent, according to LPS' market data Ã¢â‚¬" up 1.1 percent from the August reading and 3.6 percent above a year earlier.
LPS says the states with the highest percentage of non-current loans (defined as the total number of foreclosures and delinquencies as a percent of all active loans in that state) include: Florida, Nevada, Mississippi, Georgia, and Louisiana.
The lowest percentage of non-current loans can be found in: Montana, Wyoming, Arkansas, South Dakota, and North Dakota.
LPS will provide a more in-depth review of this data in its September _Mortgage Monitor_ report, is scheduled for release on October 29.
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