LPS: National Delinquency Rate Jumps 1.1% in May

Lender Processing Services releasedrnpreliminary data this morning from its May Mortgage Monitor Report.  The highlight of the report is that thernnational delinquency rate jumped 1.1 percent to 7.20 percent in May although itrnis still 9.6 percent below the rate one year ago.  Delinquency is defined by LPS as loans thatrnare 30 or more days past due but not in foreclosure.</p

The presale inventory – i.e. homes inrnthe process of foreclosure, was down 0.5 percent from the previous month torn4.12 percent but this an increase of 0.2 percent from one year ago.</p

In actual numbers, there are 3.54rnmillion mortgages that are past due; 1.58 million of those are 90 days or morernpast due but not yet in foreclosure.  Thernpresale inventory now totals 2.03 million and the total number of distressedrnloans – delinquent and in inventory – is 5.57 million.</p

The states with the highest percentagernof non current loans remain relatively unchanged from previous months.  In order of severity they are Florida,rnMississippi, New Jersey, Nevada, and Illinois.</p

The Mortgage Monitor report will bernavailable on or before July 9.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.