by qrono
1. June 2010 09:47
According to Lender Processing Services' (NYSE: LPS) newly released Mortgage Monitor Report, stabilization of the nation's home loan delinquency and foreclosure rates remain largely neutralized by the more than 7 million loans in distress.
According to the Mortgage Monitor report, the number of loans 90 or more days delinquent (including pre-sale foreclosure) declined 112,184 from 4,186,627 to 4,074,443 between March and April. The total number of non-current U.S. loans plus REO just over 7.3 million.
Conversely, deterioration ratios remain high, with two loans rolling to a "worse" status for every one loan that has improved and the overall volume of loans moving from delinquent to current status declined to a three-month low supported primarily by "artificial cures" associated with HAMP modifications.
In addition, newly delinquent loans (current at year-end and 60 or more days delinquent as of April) have declined from the 2009 levels but still remain extremely high from a historical perspective, particularly within prime product.
Other key results from LPS' latest Mortgage Monitor report include:
Total U.S. loan delinquency rate: 8.99%
Total U.S. foreclosure inventory rate: 3.18%
Total U.S. non-current loan rate: 12.17%
States with most non-current loans:
Florida, Nevada, Mississippi, Arizona, Georgia, California, Illinois, New Jersey, Michigan and Rhode Island
States with the fewest non-current loans:
North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota
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