by Bill McBride on 2/21/2012 04:02:00 PM
Tuesday, February 21, 2012
LPS released their First Look report for January today. LPS reported that the percent (and number) of loans delinquent declined in January from December, but that the percent (and number) of loans in the foreclosure process increased slightly.
The following table shows the LPS numbers for January 2012, and also for last month (Dec 2011) and one year ago (Jan 2011).
|LPS: Loans Delinquent and in Foreclosure|
|Less than 90 days||2,226,000||2,309,000||2,551,000|
|More than 90 days||1,772,000||1,792,000||2,168,000|
At the current rate of decline, the number of delinquent lonas will be back to "normal" in about three years (around 4.5% to 5% of loans are delinquent even in good times). However the number of loans in the foreclosure process hasn't change year-over-year - although that will probably change soon with the mortgage servicer settlement (around 0.5% of loans in foreclosure is "normal").