Home / News / Foreclosure / Past Due Mortgages = 6,397,000
Print This Post Print This Post

Past Due Mortgages = 6,397,000

New data from ""Lender Processing Services"":http://www.lpsvcs.com (LPS) shows the population of mortgages going unpaid in the U.S. contracted during the month of August.
[IMAGE] LPS offered the media a sneak peak at several key mortgage performance statistics slated for public release later this month. The company’s analysts derive their findings from LPS’ loan-level database of nearly 40 million mortgage loans.

They say there were 6,397,000 home loans at least 30 days delinquent or in foreclosure as of the end of August. That's down from 6,538,000 the month before.

LPS puts the delinquency rate of mortgages 30 or more days past due, but not yet in foreclosure at 8.13 percent.


The national delinquency rate dropped by 2.5 percent between July and August, and is down 11.8 percent from a year earlier.

The industry's inventory of properties in the midst of foreclosure, on the other hand, rose by both measurements, and now stands at 4.11 percent of all outstanding mortgages.

The foreclosure presale inventory rate edged up by 0.1 percent month-over-month and 8.2 percent year-over-year.

Of the 6,397,000 past due mortgages at the end of August, LPS says 2,148,000 were winding their way through foreclosure channels.

That leaves 4,249,000 delinquent by 30 or more days, but not in foreclosure. Of these, 1,866,000 were overdue by 90 days or longer.

According to LPS’ August study, the states with highest percentage of non-current loans â€" which combines foreclosures and delinquencies â€" held onto their rankings from the previous month. These include: Florida, Mississippi, Nevada, New Jersey, and Illinois.

States with the lowest percentage of non-current loans include: Montana, Wyoming, Alaska, South Dakota, and North Dakota.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

Check Also

Over 60% of Potential Home Shoppers Waiting for Rates to Drop

The most recent iteration of the BMO Real Financial Progress Index revealed a number of new information including that over 65% of Americans are waiting on mortgage rates to drop before buying a home in today’s market.