by Bill McBride on 10/23/2013 09:14:00 AM
Wednesday, October 23, 2013
LPS: Mortgage Delinquency Rate increased in September, In-Foreclosure Rate lowest since February 2009
According to the First Look report for September to be released today by Lender Processing Services (LPS), the percent of loans delinquent increased seasonally in September compared to August, and declined about 13% year-over-year. Also the percent of loans in the foreclosure process declined further in September and were down 32% over the last year.
LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) increased to 6.46% from 6.20% in August. The normal rate for delinquencies is around 4.5% to 5%.
The percent of loans in the foreclosure process declined to 2.63% in September from 2.66% in August. The is the lowest level since February 2009.
The number of delinquent properties, but not in foreclosure, is down 434,000 properties year-over-year, and the number of properties in the foreclosure process is down 612,000 properties year-over-year.
LPS will release the complete mortgage monitor for September in early November.
|LPS: Percent Loans Delinquent and in Foreclosure Process|
|September 2013||August 2013||September 2012|
|Number of properties:|
|Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:||1,935,000||1,836,000||2,170,000|
|Number of properties that are 90 or more days delinquent, but not in foreclosure:||1,331,000||1,288,000||1,530,000|
|Number of properties in foreclosure pre-sale inventory:||1,328,000||1,341,000||1,940,000|