Foreclosure starts rose 20% in August from the prior month to the highest level of the year and mortgages facing foreclosure are delinquent an average of 611 days, the highest level yet.
Lender Processing Services' (
LPS: 13.03
-0.61%) mortgage monitor report for August showed foreclosure starts fell more than 12% from a year earlier, and the national delinquency rate is 8.13%, which is 2.5% lower than the prior month.
In late August, the
Federal Deposit Insurance Corp. said the combined delinquency rate on mortgages held by major banks dropped to
6.68% in the second quarter, the lowest level since the third quarter of 2009.
First-time delinquencies accounted for nearly one-quarter of new delinquencies in August, according to LPS. And 23% of the nearly 46 million loans that were current at the end of August are at risk of foreclosure due to negative equity.
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