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Report shows enormous backlog of foreclosures

A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, an enormous backlog of foreclosures still exists and is expected to continue for some time. As of the end of February, foreclosure inventory levels stand at more than 30 times the monthly foreclosure sales volume.February 2011 Report highlights:

  • Delinquency rate was 8.8 percent, down 1.2% from month before and down 0.3 percent from a year ago
  • Foreclosure rate was 4.15 percent, down 0.2 percent from month before and even with year ago.
  • There were 203,916 foreclosure starts, a 11.3 percent decrease from the month before and a decrease of 21.4 percent from the year before.
  • Serious mortgage delinquency (90+ days) rate was 8.24 percent, down 0.1 percent from the month before and up 1.1 percent from a year ago.
  • 30 percent of the loans in foreclosure currently have not made a payment in over 2 years
  • Option/Arm loans make up a larger share of foreclosures than Subprime ever did.
  • There are three times the number of loans deteriorating greater than 90+ days delinquent compared to foreclosure starts

Source: Lender Processing Services

Source: Lenders Processing Services

Source: Lenders Processing Services

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