""Lender Processing Services"":http://www.lpsvcs.com (LPS) has released new data detailing mortgage performance at November month-end. The most troubling statistic shows a nearly 3 percent month-over-month increase in the number of loans 30 or more days past due but not yet in foreclosure.[IMAGE]
LPS says 8.15 percent of the nation's mortgages fell into this category as of the end of November. That's up from 7.93 percent at the end of October Ã¢â‚¬" a 2.7 percent increase Ã¢â‚¬" and is the first time in four months the company has reported a rise in the national delinquency rate.
On an annual basis, the stats pan out better, with November's delinquency rate down 9.6 percent from a year earlier.[COLUMN_BREAK]
The monthly increase in the delinquency rate can be attributed to a buildup of seriously delinquent mortgages.
LPS says as of November, there were 1,809,000 properties on which mortgage payments were 90 or more days past due but the case had not yet been referred to foreclosure. The number of properties in this bucket stood at 1,759,000 in October.
In contrast, borrowers who were behind on their payments by 30-89 days declined to 2,279,000 in November, down from 2,329,000 in October.
According to LPSÃ¢â‚¬â„¢ analysis, 4.16 percent of the nationÃ¢â‚¬â„¢s mortgages were part of the foreclosure pre-sale inventory in November. That ratio is down 3.0 percent from October but up 2.0 percent from November 2010, and equates to 2,116,000 homes.
All in all, LPS says 6,260,000 borrowers were behind on their payments or in foreclosure as of the end of November, representing one in eight residential mortgages.
States with highest percentage of non-current loans Ã¢â‚¬" which combines foreclosures and delinquencies Ã¢â‚¬" include: Florida, Mississippi, Nevada, New Jersey, and Illinois.
Montana, South Dakota, Wyoming, Alaska, and North Dakota have the lowest percentage of non-current loans.