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Foreclosure Inventory Falls to 5 year Low
Lender Processing Services (LPS) said today that thernnational foreclosure pre-sale inventory is at its lowest level since 2008. The inventory, the number of loans that arernin some stage of foreclosure, now represents 2.54 percent of mortgaged homes. The rate dropped 3.23 percent from Septemberrnto October and is nearly 30 percent below its level in October 2012. There are now 1.276 million homes in therninventory.</p
The information was included in LPS’ regular previewrnof its monthly Mortgage Monitor. The Monitor</ipresents loan-level information from the LPS database representing approximatelyrn70 percent of the mortgage market. The full report will be published byrnDecember 9.</p
LPS said in October there were 3.152 millionrnmortgage loans that were 30 or more days past due but not yet in foreclosure, arndelinquency rate of 6.28 percent. Thisrnis a decrease of 2.80 percent since September and 10.69 percent year-over-year. Ofrnthese delinquent loans, 1.283 million are seriously delinquent, that is 90 orrnmore days past due but not yet in foreclosure. rn</p
Including delinquent loans and loans in the foreclosurerninventory there were 4.43 million distressed mortgages throughout the U.S. inrnOctober. Mississippi has moved intornfirst position among states with the highest percentage of non-current loans. It is followed by Florida, New Jersey, NewrnYork and Louisiana.
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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