LPS: Foreclosure Inventory Down 34% In August

Posted by Patrick Barnard on September 26, 2013 No Comments
Categories : Mortgage Servicing

The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) dropped to 6.2% in August – a decrease of 3.31% compared to July and down 9.71% compared to August 2012 – according to Lender Processing Services' (LPS) First Look Mortgage Report.

In addition, the rate of foreclosure fell to 2.66% of all loans – a decrease of 5.74% compared to July and down a whopping 34.08% compared to August 2012. Foreclosure inventory dropped to its lowest level in four years, the firm reports.

For August, LPS counted 3.12 million properties that were 30 or more days past due, but not in foreclosure, and another 1.28 million that were 90 or more days past due, but not in foreclosure, in August.

About 1.34 million properties were in foreclosure pre-sale inventory.

About 4.47 million properties were either 30 or more days delinquent or in foreclosure.

States with the highest percentage of non-current loans included Florida, Mississippi, New Jersey, New York and Maine.

States with the lowest percentage of non-current loans included Montana, Colorado, Wyoming, South Dakota and North Dakota.

LPS' First Look report covers about 70% of the U.S. housing market.

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