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Monday, December 19, 2011

LPS: Delinquent mortgages rise in November

I think this is the trend as more people walk away from their mortgage.
The number of delinquent mortgages in November rose to 8.15% from 7.93% the prior month, according to a first look report from Lender Processing Services (LPS: 14.47 +1.19%).
That delinquency rate as a percentage of the LPS database of 40 million mortgages declined nearly 10% from a year earlier. About 4.14 million homes were 30 or more days past due in November, with about 1.81 million properties more than 90 days past due.
LPS considers a mortgage delinquent when it's at least 30 days in arrears but not in foreclosure. The company recorded 6.26 million homes either delinquent or in foreclosure last month.
Foreclosure presale inventory dropped 3% from October, but increased 2% from November 2010.
States with the highest percentage of noncurrent loans include Florida, Mississippi, Nevada, New Jersey and Illinois, according to the LPS report. Montana, South Dakota, Wyoming, Alaska and North Dakota had the lowest noncurrent loan rates
Link Here

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