NEWS - Residential Real Estate

SBJ Staff Report

Nov 2118, 2011 – A respected leader in banking and home mortgage research, Lender Processing Services, Inc. (NYSE: LPS), has reported a ‘first look’ at October 2011 month-end mortgage performance statistics derived from the company’s loan-level database of nearly 40 million mortgage loans. 

The information is a critical component of understand the current and future status of the U.S. economy. 

As of October, the total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) is now at 7.93%.  This is down 2% from September and down 14.6% from October 2010. 

The total number of U.S mortgages in what is termed ‘foreclosure pre-sale inventory rate’ was at  4.29%.  This month-over-month change in foreclosure presale inventory rate is up 2.5% over September, and is up 9.4% over September 2010. 

There are now 4,088,000 properties that are 30 or more days past due, but not yet in foreclosure.  Of those, there are now 1,759,000 properties that are 90 or more days delinquent, but not in foreclosure.                 

There are 2,210,000 properties in foreclosure pre-sale inventory.  Together, there are 6,298,000 properties that are 30 or more days delinquent or in foreclosure.

The states with the highest percentage of non-current* loans are Florida, Mississippi, Nevada, New Jersey and Illinois.  Georgia had previously been one of the highest in the U.S. 

The states with the lowest percentage of non-current* loans are Montana, Wyoming, South Dakata, Arkansas and North Dakato.

Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS' Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries.