Inventories Up, New Delinquencies Down

Posted by Orb Staff on April 29, 2009 No Comments
Categories : Mortgage Servicing

rcentage of newly delinquent loans at the end of March was the lowest it had been in a year, according to the [u][link=http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx]April 2009 LPS Mortgage Monitor[/link][/u], a monthly report based on the company's repository of loan-level data and performance information that covers some 40 million active loans. The month-over-month decline in new delinquencies is about half as much, on a percentage basis, as the average in the same time frame from 2002 to 2007 (5.8% versus 14%). On the other end of the spectrum, foreclosure inventories experienced the highest monthly increase in nearly three years – 12.8%. When compared to March 2008, foreclosure inventories grew 87.8%. Foreclosure starts were up in every major product category, and starts on portfolio loans jumped in March, LPS notes. Agency-owned mortgage foreclosure starts rose, but foreclosure sales dropped significantly, which LPS attributes to the Federal Housing Finance Agency's moratorium that was reinstated mid-February. SOUR

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