Wednesday, February 03, 2010

LPS: Mortgage Delinquencies Reach 10%

by Bill McBride on 2/03/2010 05:56:00 PM

From Jon Prior at HousingWire: Mortgage Delinquencies Pass 10%: LPS

Home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November, according to Lender Processing Services ... which provides data on mortgage performance.

Accounting for foreclosures in the pipeline, the total non-current rate stands at 13.3% .... When extrapolated for the entire mortgage industry, 7.2m mortgage loans are behind on their payments.
More foreclosures and short sales coming!

Note: the MBA reported the delinquency rate in Q3 was 9.64%; the MBA Q4 delinquency data will be released soon.