Monday, December 23, 2013

LPS: Mortgage Delinquency Rate increased in November, Down almost 10% year-over-year

by Bill McBride on 12/23/2013 07:01:00 AM

According to the First Look report for November to be released today by Lender Processing Services (LPS), the percent of loans delinquent increased in November compared to October, and declined about 9.4% year-over-year. Also the percent of loans in the foreclosure process declined further in November and were down 29% 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 6.45% from 6.28% in October. The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined to 2.50% in November from 2.54% in October.   The is the lowest level since late 2008.

The number of delinquent properties, but not in foreclosure, is down 342,000 properties year-over-year, and the number of properties in the foreclosure process is down 511,000 properties year-over-year.

LPS will release the complete mortgage monitor for November in early January.

LPS: Percent Loans Delinquent and in Foreclosure Process
 November 2013October 2013November 2012
Delinquent6.45%6.28%7.03%
In Foreclosure2.50%2.54%3.61%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:1,958,0001,869,0001,999,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:1,283,0001,283,0001,584,000
Number of properties in foreclosure pre-sale inventory:1,256,0001,276,0001,767,000
Total Properties4,497,0004,428,0005,350,000