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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Serious Delinquency Holds at Lowest Level Since 2009

90-day delinquency rate unchanged in March

May 1, 2012

By staff

The proportion of home-loan borrowers who are considered seriously delinquent hasn't been this low for nearly three years. Delinquency in states that don't require judicial foreclosures has significantly improved.

Residential delinquency of at least 90 days or in foreclosure was 7.0 percent during March.

The rate of past-due payments for February, which was originally reported at 7.3 percent, was revised down to 7.0 percent.

In the same month last year, the delinquency rate was higher at 7.5 percent.

The numbers were reported by CoreLogic.

While overall delinquency didn't move from February, it was still the lowest rate since July 2009, according to CoreLogic Chief Economist Mark Fleming. He noted that the share of delinquent borrowers in states that don't require a judicial foreclosure -- like Arizona, California and Nevada -- are seeing "significant improvements." Even some judicial states are experiencing some improvement.

As of March 31, Florida's delinquency rate was 17.0 percent -- higher than all other states. Nevada, at 12.4 percent, and New Jersey, at 10.9 percent, were the only other states in the double digits. After that was Illinois' 9.0 percent and New York's 8.0 percent.

Mortgage servicers completed 69,000 foreclosures during March. The pace of U.S. real-estate-owned filings picked up from a revised 66,000 repossessions in February. But fewer foreclosures were completed than in March 2011, when the total was 85,000.

California's 150,033 REO filings were more than any other state in March, followed by Florida's 92,125, Michigan's 61,594, Arizona's 57,567 and Texas' 57,409.

During the first quarter, 198,000 U.S. foreclosures were completed. A year earlier, the year-to-date total was 232,000.

CoreLogic said 3.5 million foreclosures have been completed since the start of the financial crisis in September 2008.

The foreclosure inventory was unchanged from Feb. 29 at 1.4 million. But the inventory slipped from 1.5 million in March 2011. The decline, according to CoreLogic Chief Executive Officer Anand Nallathambi, reflects the increased utilization of modifications, short sales and deeds in lieu.

The rate of foreclosure was also unchanged at 3.4 percent and lower than 3.5 percent in the same month last year. 

Florida's 12.1 percent foreclosure rate was the worst of all states. After that was 6.6 percent in New Jersey, then 5.4 percent in Illinois and 4.9 percent in Nevada and New York. With a foreclosure rate of only 0.7 percent, Wyoming had the most favorable rate.

CoreLogic said that REO sales outpaced growth in the REO portfolio, pushing the distressed-clearing ratio to 0.81 in March from 0.76 in February.

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