While delinquencies saw a decline and reached their lowest level since August 2008, foreclosure inventory stayed near historic highs, according to data from the March Mortgage Monitor report released by ""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx (LPS).
[IMAGE]The rate for delinquencies was 7.09 percent in March, down 6.3 percent when compared to the previous month and down 8.8 percent compared to a year ago in March. In January 2010, the delinquency rate reached an all-time high at 10.97 percent.
For foreclosure pre-sale inventory, the rate was 4.14 percent, up month-over-month by 0.1 percent but down from a year ago by 1.6 percent. In December 2005, the foreclosure inventory rate was only 0.48 percent.
When broken down by judicial processes, non-judicial states had a significantly lower rate of properties in foreclosure inventory at 2.45 percent, while judicial states were above the national average at 6.51 percent.
[COLUMN_BREAK]The rate for serious delinquencies, loans 90 days or more past due or in foreclosure, was 7.44 percent in March, a month-over-month decrease of 1.9 percent and year-over, the decrease was even greater, at 6.7 percent.
Seriously delinquent inventory, not including properties in foreclosure, saw a decline in both judicial and non-judicial states.
The report also revealed foreclosure starts were up in March month-over-month by 8.1 percent, but down 31 percent compared to a year ago. Also in March, first-time foreclosure starts reached a five-month high.
Foreclosure sales, at 67,890, dropped to their lowest level since December 2010, and in non-judicial states, they took a 14 percent, month-over-month nosedive, while in judicial states they increased 1.9 percent.
States with highest percentage of non-current loans, which includes 30-day plus delinquencies and foreclosures, were Florida (21.5 percent), Mississippi (16.6 percent), New Jersey (15.5 percent), Nevada (15.5 percent), and Illinois (13.9 percent).
States with the lowest percentage of non-current loans were Montana (5.7 percent), Arkansas (5 percent), South Dakota (4.8 percent), Wyoming (4.7 percent), and North Dakota (3.7 percent).
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