Foreclosures and mortgage delinquencies drop in February; good news for the real estate market

st-louis-realtor-dennis-norman-mortgage-delinquency-foreclosure-rateForeclosure starts and foreclosure sales were down in February 15 and 19 percent respectively from January according to the latest Mortgage Monitor report released by Lender Processing Services, Inc. today. The report also showed that mortgage delinquencies continue to decline as well with 7.57 percent of the homes in the U.S. with a mortgage being delinquent which is down 5.0 percent from the month before.

As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:

Total U.S. loan delinquency rate:

7.57 %

Month-over-month change in delinquency rate:

-5.0 %

Total U.S. foreclosure pre-sale inventory rate:

4.13 %

Month-over-month change in foreclosure pre-sale inventory rate:

-0.5 %

States with highest percentage of non-current* loans:

FL, MS, NV, NJ, IL

States with the lowest percentage of non-current* loans:

MT, AK, WY, SD, ND

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:

(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.

(2) All whole numbers are rounded to the nearest thousand.

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