by Bill McBride on 1/23/2013 08:58:00 AM
Wednesday, January 23, 2013
LPS released their First Look report for December today. LPS reported that the percent of loans delinquent increased in December compared to November, and declined about 9% year-over-year. Also the percent of loans in the foreclosure process declined further in December and were down significantly in 2012.
LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) increased to 7.17% from 7.12% in November. Note: the normal rate for delinquencies is around 4.5% to 5%.
The percent of loans in the foreclosure process declined to 3.44% in December from 3.51% in November.
The number of delinquent properties, but not in foreclosure, is down about 11% year-over-year (465,000 fewer properties delinquent), and the number of properties in the foreclosure process is down 20% or 434,000 properties year-over-year.
The percent (and number) of loans 90+ days delinquent and in the foreclosure process is still very high, but the number of loans in the foreclosure process is now declining.
LPS will release the complete mortgage monitor for December in early February.
|LPS: Percent Loans Delinquent and in Foreclosure Process|
|Dec 2012||Nov 2012||Dec 2011|
|Number of properties:|
|Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:||2,031,000||1,999,000||2,250,000|
|Number of properties that are 90 or more days delinquent, but not in foreclosure:||1,545,000||1,584,000||1,791,000|
|Number of properties in foreclosure pre-sale inventory:||1,716,000||1,767,000||2,150,000|