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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.

Foreclosures Lower, New Defaults Up

12.11% non-current delinquency rate in April

May 18, 2011

By staff

Despite a monthly improvement in the foreclosure rate, new defaults dragged overall delinquency higher.

In its monthly review of U.S. mortgage performance, Lender Processing Services Inc. reported that 30-day home-loan delinquency was 12.11 percent in April. That worked out to around 6.4 million delinquent mortgages.

LPS said its database includes nearly 40 million loans.

Late payments deteriorated from 11.99 percent in March. Last month's worsening performance followed two consecutive monthly improvements.

But non-current loans were slightly better than 12.17 percent in April 2010.

The increase in delinquency was the result of rising 30-day delinquency excluding foreclosures -- which rose to 7.97 percent from March's 7.78 percent. The rate was 8.99 percent a year earlier.

The foreclosure pre-sale inventory rate, meanwhile, fell to 4.14 percent from 4.21 percent a month prior but was higher than 3.18 percent in the same month last year.

States with the worst non-current rates last month were Florida, Nevada, Mississippi, New Jersey and Georgia.

At the other end of the spectrum were the states of Montana, Wyoming, Alaska, South Dakota and North Dakota.

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