Foreclosure Rate Down 32%

The national foreclosure inventory continues to decrease. Through the end of September, Lender Processing Services reported that just 2.6% of active mortgages are in this status.

Since September 2012, the rate has fallen approximately 32%. On a monthly basis, it is down 1.3%.

As of month-end September, foreclosure pre-sale inventory consists of approximately 1.3 million housing units, the Jacksonville, Fla.-based analytic firm says in its first look report. The number is from the firms loan-level database that represents about 70% of the overall market.

Additionally, more than 3.2 million loans are delinquent, but not in foreclosure, and at least 1.3 million borrowers are 90 or more days delinquent in paying their mortgage but have not been issued a foreclosure notice.

Meanwhile, U.S. loan delinquencies ticked up from August to September by more than 4%. Currently, the delinquency rate for loans 30 or more days past due, but not in foreclosure, is about 6.5%.

Despite delinquencies rising month-over-month, they have improved compared to a year ago, as they are down by nearly 12.6%.

The states with the highest percentage of delinquent loans at the end of September are Florida, Mississippi, New Jersey, New York and Maine.

Wyoming, Montana, Alaska, South Dakota and North Dakota have the lowest percentage of noncurrent loans.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Foreclosure-Rate-Down-1039529-1.html

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