Report shows foreclosure inventories on the rise; 8 times higher than normal levels

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 March, foreclosure inventory levels stand at 8 times historical “norms”.April 2011 Report highlights:

  • Delinquency rate was 7.78 percent, down 11.6% from month before and down 19.4 percent from a year ago
  • Foreclosure rate was 4.21 percent, up 1.4 percent from month before and up 11.0 percent from a year ago.
  • There were 270,681 foreclosure starts, a 32.7 percent increase from the month before and an increase of 8.2 percent from the year before.
  • Serious mortgage delinquency (90+ days) rate was 7.97 percent, down 3.2 percent from the month before and down 12.0 percent from a year ago.
  • There are almost twice as many loans deteriorating greater than 90+ days delinquent verses starting foreclosure – this points to a continued increase in foreclosures to come.
  • There are almost three times the number of foreclosure “starts” verses foreclosure “sales” meaning that many are being stopped for one reason or another-

Source: LPS Mortgage Monitor

Source: LPS Mortage Monitor

Source: LPS Mortgage Monitor

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