Wow, last two days have been negative news for sales, FHA underwriting, conforming loan limits, and short sales. Now delinquency rates are increasing again.
The delinquency rate for June on loans at least 30 days past due but not in foreclosure rose 2.4% from May to 8.15%, according to Lender Processing Services Inc. (LPS: 19.87 -1.49%), however the rate is 14.7% lower than a year earlier.
LPS derives the mortgage performance statistics from its loan-level database of nearly 40 million home loans.
The mortgage and real estate technology firm said the total delinquency rate for U.S. mortgage was 7.96% in May.
The foreclosure pre-sale inventory rate for June was 4.12%, or 2.17 million properties, up a slight 0.2% from May but 12.8% higher than year-ago figures. The number of properties 30 or more days past due, but not in foreclosure stood at 4.29 million.
In all, nearly 6.5 million properties were at least 30-days delinquent or in foreclosure at of June 30, according to the LPS First Look monthly mortgage report.
Florida, Nevada, Mississippi, New Jersey and Illinois had the highest percentage of noncurrent loans. Montana, Wyoming, Alaska, South Dakota and North Dakota had the lowest percentage of noncurrent loans.
The company will provide a more in-depth review of the data in its monthly Mortgage Monitor report, available Aug. 5.
Link HereLPS providers technology, data and analytics to the mortgage and real estate industries.