by Bill McBride on 1/14/2013 08:45:00 AM
Monday, January 14, 2013
LPS released their Mortgage Monitor report for November today. According to LPS, 7.12% of mortgages were delinquent in November, up from 7.03% in October, and down from 7.83% in November 2011.
LPS reports that 3.51% of mortgages were in the foreclosure process, down from 3.61% in October, and down from 4.20% in November 2011.
This gives a total of 10.63% delinquent or in foreclosure. It breaks down as:
• 1,999,000 properties that are 30 or more days, and less than 90 days past due, but not in foreclosure.
• 1,584,000 properties that are 90 or more days delinquent, but not in foreclosure.
• 1,767,000 loans in foreclosure process.
For a total of 5,350,000 loans delinquent or in foreclosure in November. This is up slightly from 5,300,000 in October, and down from 6,172,000 in November 2011.
This following graph from LPS shows the total delinquent and in-foreclosure rates since 1995.
Click on graph for larger image.
Even though delinquencies were up slightly in November, it was mostly seasonal. However there was a large increase in delinquencies in the areas impacted by Hurricane Sandy, From LPS:
The November data also showed that the impact of Hurricane Sandy continued in ZIP codes hit hardest by the storm. While national delinquencies are moving in line with seasonal trends – that is, tending to rise slightly through the remainder of the calendar year – mortgage delinquencies increased sharply in those areas affected by Sandy. Whereas the national delinquency rate has increased 3.7 percent since August of this year, delinquencies in Sandy-impacted ZIPs have risen at more than threefold that pace – climbing 15.4 percent in Conn., 15.2 percent in N.J. and 14.8 percent in N.Y.The second graph from LPS shows foreclosure starts were off sharply. From LPS:
The November Mortgage Monitor report released by Lender Processing Services shows the national foreclosure inventory dropped to 3.51 percent in November, representing an almost 10 percent decline from September 2012, when newly instituted National Mortgage Settlement requirements began to influence the pace of first-time foreclosure starts. As noted in last month’s Mortgage Monitor release, LPS expects foreclosure starts to rebound as mortgage servicers incorporate the new procedural requirements into their operations in the coming months.There is much more in the mortgage monitor.