Mississippi surpassed Florida in terms of highest percentage of mortgage delinquencies in October, according to Lender Processing Services' (LPS) ‘First Look’ Mortgage Report.
Nationwide, delinquencies continued to decline. The total loan delinquency rate (30 or more days past due, but not in foreclosure) in October dropped to 6.28% of all loans – a decrease of about 2.8% compared to September and down 10.69% compared to October 2012, according to the report.
LPS notes the decline in delinquencies for October is in keeping with the seasonal trend.
The national delinquency rate peaked in January 2010, when delinquencies totaled 10.57% of all loans.
The national rate of foreclosure also continued to fall in October, according to the report, which covers about 70% of the U.S. mortgage market. The total U.S. foreclosure pre-sale inventory rate was 2.54% for the month, a decline of 3.23% compared to September and down 29.61% compared to October 2012.
Almost 1.3 million properties were in foreclosure inventory – the lowest level since 2008.
More than 3.1 million properties were 30 or more days past due, but not in foreclosure. Of those, about 1.3 million were 90 or more days delinquent, but not in foreclosure.
About 4.4 million properties were either 30 or more days delinquent or in foreclosure, according to the report.
States with the highest percentage of delinquent loans included Mississippi, Florida, New Jersey, New York and Louisiana.
States with the lowest percentage of delinquent loans included Colorado, Montana, South Dakota, Arkansas and North Dakota.
For more, click here.