The latest U.S. delinquency report indicates monthly delinquency and foreclosures rose. When it comes to the highest foreclosure rates, the Sunshine State shines brighter than any other. Looking at pre-foreclosure delinquency, Nevada has a problem.
During November, total residential delinquency of at least 60 days was 13.16 percent in Lender Processing Services Inc.’s latest Mortgage Monitor report. The national rate rose from 12.54 percent in October.
Florida’s 23.5 percent total delinquency was the highest of any state, followed by Nevada’s 22.4 percent and Mississippi’s 17.7 percent. Arizona’s rate was 16.3 percent, and No. 5 Georgia came in at 15.7 percent.
North Dakota’s 4.5 percent delinquency rate was lower than any other state.
Lender Processing noted that “loans rolling to a more delinquent status totaled 5.01 percent compared to 1.52 percent of loans that improved.”
Included in November’s delinquency was a 9.97 percent 60-day rate excluding foreclosures, up from 9.40 percent a month earlier. In Nevada, delinquency excluding foreclosures was 15.7 percent — earning it the distinction of being the state with the highest rate.
The foreclosure rate rose to 3.19 percent from 3.14 percent. Florida’s 10.7 percent foreclosure rate was 300 basis points higher than No. 2 Nevada’s.
“Foreclosure starts continue [to] decline but the shadow inventory of seriously delinquent roll rate advances are growing rapidly as a result,” the report stated. “Foreclosure sales declined as well.
“Several institutions are implementing seasonal moratoria, so this trend is expected to continue into at least next month.”
