Dennis Norman
A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of August 2010 shows that mortgage delinquencies continue to decline however are still at very high levels versus historical norms. At the same time however, foreclosure starts continue to accelerate.
Highlights from the report..
- In August, 9.22 percent of all mortgages in the U.S. were delinquent, down from 9.33 percent in July and down 14.3 percent from the year before. Once foreclosures are added to the delinquencies the total non-current loans in August was 13.02 percent of all mortgages, down slightly from 13.08 percent in July.
- States with the highest rates of foreclosure starts are also experiencing extremely high rates of new seriously delinquent loans.
- Overall, new seriously delinquent loans have been declining, in January 2009, the percent of seriously delinquent loans that were current six months prior peaked at 2.92 percent vs. 1.65 percent in August 2010.
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