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Tag Archives: LPS

Delinquencies Continue Decline; Highest Among Alt-A, Subprime Loans

Delinquencies and foreclosures are continuing to decline with higher concentrations among Alt-A and subprime loans, according to the latest Mortgage Market Monitor from Lender Processing Services (LPS). Foreclosures are down 31 percent year-over-year in July, while delinquencies are down 9 percent, according to LPS data. Both delinquencies and foreclosures declined over the 12-month period among all types of loans, except Alt-A and subprime loans.

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Delinquency Rate Back on Downward Course After Seasonal Increase

The delinquency rate, which includes loans 30 days or more past due, slipped to 6.41 percent in July after increasing to 6.7 percent in June, LPS reported Monday. The decrease represents a monthly and yearly decline of 3.96 percent 8.76 percent, respectively. Foreclosure inventory also fell in July, dropping 2.82 percent, down from 3.46 percent in June. Compared to a year ago, the decrease is much steeper, at 30.76 percent. According to LPS, the foreclosure inventory rate is at the lowest level since February 2009.

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Home Prices in Texas, Colorado Hit New Highs in June

As national home prices recover, Texas and Colorado are already busy setting new highs, data from Lender Processing Services, Inc. (LPS) revealed. In June, national home prices rose 8.4 percent year-over-year to $229,000, according to LPS' Home Price Index (HPI). When compared to the 2005 peak of $270,000, prices are still down 15.2 percent. However, Colorado and Texas moved ahead of the national trend and hit new highs of $256,000 and $182,000, respectively.

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LPS Reports Broad-Based Spike in New Delinquencies in June

In June, over 700,000 loans that were once current became newly delinquent, leading to a near 10 percent month-over-month spike in the national delinquency rate, according to a report from Lender Processing Services (LPS). Though, the sudden uptick in delinquencies is actually not surprising when looking at previous trends, LPS found. ""Over the last 18 years, similar changes occurred in June for all but four of those years,"" said Herb Blecher, SVP of LPS Applied Analytics. When examining the increase on a quarterly basis, Blecher also noted the rise was actually moderate compared to previous years.

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Largest States, Metros Post Monthly Improvements in May

From April to May, home prices rose 1.3 percent, with Nevada leading month-over-month growth, according to Lender Processing Services. The improvement in May marks the third straight month prices have grown on a monthly basis in the 20 large states tracked by LPS. The data provider also reported a 7.9 percent year-over-year increase in May as prices stood at $266,000 for the month.

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LPS: Delinquency Rate Sees Abrupt Increase in June

After five months of declines, the national mortgage delinquency reversed course in June, according to data from Lender Processing Services (LPS). From May to June, the delinquency rate shot up by 9.9 percent, ending at 6.7 percent, LPS reported. The increased delinquency rate represents the highest level since February of this year. Despite the increase, the delinquency rate still posted an annual decrease from last year. Compared to June 2012, the delinquency rate is down by 6.5 percent.

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Report Suggests Relaxing HARP Rules to Help More Borrowers

If two tweaks were made to the Home Affordable Refinance Program (HARP), refinancing activity could increase substantially, according to a report from the Federal Reserve Bank of New York. One change would be to remove the cutoff date that limits eligibility to Fannie Mae and Freddie Mac loans that were obtained by June 1, 2009. The second change would be to allow borrowers to refinance under the program more than once.

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Delinquencies See Biggest Year-to-Date Drop Since 2002

Delinquencies saw the steepest year-to-date drop since 2002 in May as new problem loan rates inched toward pre-crisis lows, according to Lender Processing Services' (LPS) Mortgage Monitor report released Monday. Since the end of December 2012, the delinquency rate has fallen by more than 15 percent to 6.08 percent in May. ""In large part, this is due to the continuing decline in new problem loans -- as fewer problem loans are coming into the system, the existing inventories are working their way through the pipeline,"" he added. LPS also reported the national equity rate is at 14.7 percent, which translates into 7.3 million loans and represents a 47 percent annual decrease.

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