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LPS: Number of Loans Delinquent, in Foreclosure Dips Below 7 Million
Posted By Carrie Bay On December 16, 2010 @ 5:07 pm In Foreclosure,Market Studies,REO | No Comments
""Lender Processing Services"":http://www.lpsvcs.com (LPS) offered the media a sneak peek at its upcoming November mortgage market report Thursday. Based on the company's assessment, the number of home loans in the United States 30 or more days delinquent or in foreclosure declined ever so slightly.
LPS' study will show that 6,925,000 mortgages were past due or already winding their way through the foreclosure pipeline as of the end of November.
The previous month, the company's analysts put the figure at 7,043,000.
Of the nearly 7 million mortgages classified as non-current at the close of last month, 2,157,000 made up the foreclosure inventory, which LPS defines as loans that[COLUMN_BREAK]
have been referred to a foreclosure attorney but have not yet reached the final stage of foreclosure sale.
From October to November, LPS found that the nation's foreclosure inventory rose 4.1 percent, and was up 8 percent compared to November 2009.
The number of home loans at least 30 days overdue but not yet referred to a foreclosure attorney, on the other hand, declined 2.9 percent month-over-month and 15.6 percent year-over-year.
Loans in this category totaled 4,768,000 as of the end of November, according to LPS' report. Of these, 2,161,000 were 90-plus-days delinquent but had yet to begin the foreclosure process.
LPS says the states with highest percentage of non-current loans (combining delinquencies and foreclosures in-process) at November month-end were Florida, Nevada, Mississippi, Georgia, and New Jersey.
States with the lowest percentage of non-current loans included Montana, Wyoming, Arkansas, South Dakota, and North Dakota.
LPS' mortgage performance statistics are derived from its loan-level database of nearly 40 million mortgage loans. The company will provide a more in-depth review of this data in its November Mortgage Monitor report, scheduled for release on December 22.
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