Home / News / Foreclosure / Delinquency Rate Falls After Spiking in September
Print This Post Print This Post

Delinquency Rate Falls After Spiking in September

After suddenly jumping 7.7 percent in September, the nation's delinquency rate fell in October, according to ""first look"" data from ""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx (LPS).

[IMAGE] [COLUMN_BREAK]

The delinquency rate stood at 7.03 percent in October, a decrease of 4.91 percent from September and 7.19 percent from last year. Historically, LPS says the delinquency rate is actually expected to tick up in October due to seasonal effects.

Overall, the number of properties 30 days or more past due or in foreclosure numbered 5.3 million. Of that total, 3.5 million are 30 days or more past due but not in foreclosure, while 1.8 million remain in pre-sale foreclosure inventory. Of the properties that are past due but not in foreclosure, 1.5 million are seriously delinquent or 90 days or more past due.

Foreclosure inventory continued to diminish in October, with the foreclosure presale inventory rate at 3.61 percent, down 6.77 percent from September and 15.99 percent from last year.

The states that held the highest percentage of delinquencies and foreclosures were Florida, Mississippi, New Jersey, Nevada, and New York. The states with smallest share of unpaid loans were Montana, Wyoming, South Dakota, Alaska, and North Dakota.

About Author: Esther Cho

x

Check Also

What 2022 Holds for the Forbearance and Foreclosure Landscape

In a recent DS News-hosted webinar, housing experts discuss delinquency, strategies around exiting forbearance, and the projected status of the housing market for 2022.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.