While the full Mortgage Monitor report won’t
be available until January, Lender Processing Services has released some
highlights for its November month-end mortgage performance statistics. While the report, derived from LPS’s loan-level
database of nearly 40 million mortgages shows a substantial improvement in the
delinquency rate over the past year, it also shows an enormous overhang of
delinquent loans that could eventually be foreclosed.
The national delinquency rate composed
of loans 30 or more days past due but not in foreclosure was 8.15 percent in
November. This was an increase of 2.7
percent since October but the rate was down 9.6 percent since November 2010.
The rate of homes in foreclosure
pre-sale inventory was 4.16 percent, down 3 percent from October but up 2
percent from one year earlier. There are
now 4.14 million home that are 30 or more days delinquent but not in
foreclosure and another 2.12 million that are in the foreclosure pre-sale
inventory for a total of 6.26 million properties that have the potential to
The states with the highest percentage
of non-current loans are Florida, Mississippi, Nevada, New Jersey, and Illinois.