Dennis Norman
A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of June 2010 shows some encouraging news; there are signs that the foreclosure and mortgage delinquency rates are stabilizing, albeit at very elevated levels.
Highlights from the report..
- In June, 9.55 percent of all mortgages in the U.S. were delinquent. Once foreclosures are added to the delinquencies the total non-current loans in June was 13.20 percent of all mortgages.
- The number of new foreclosures have been relatively stable over the last several months
- Deterioration rates (loans moving from current to delinquent) has been stable the past few months as have the ratio of deteriorating to improving loans – about 2 loans deteriorate for every one that improves
- The amount of borrowers that were able to bring their delinquent loans current in June improved slightly from May.
- The number of new problem loans is still elevated in Nevada, Arizona, Florida and California
- Approximately 775,000 loans that were current at the beginning of this year were at least 60 days delinquent as of the end of June (this is much lower than the 1,214,000 loans for the same period in 2009 and is just slightly higher than 2008 when there were 755,000 loans in this condition for the period)
- Nevada and Florida have the highest rate of new foreclosures with Arizona not far behind
- Total foreclosure starts for 2010 are at 1,456,000 through June vs. 1,682,000 for same period last year and 1,245,000 for same period in 2008.
Source: Lenders Processing Services (LPS)
- Information provided by LPS Applied Analytics
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