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| Lower Delinquency Holds
30-day rate unchanged in May
June 6, 2013 (June 25, 2013: this story was erroneously reported as delinquency during the month of May 2013; in fact the delinquency was for April 2013)
By Mortgage Daily staff
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An early reading on last month's loan performance indicates that after falling for seven months in a row, home-loan performance maintained in May.
The non-current rate of delinquency, which reflects loans at least 30 days past due or in the foreclosure inventory, was 9.38 percent last month.
There was no change in the 30-day rate from April -- a month that delinquency had been lower each month since September 2012, when the rate was 11.27 percent.
Lender Processing Services Inc. extrapolated the statistics from LPS Applied Analytics' loan-level database, which reportedly represents roughly 70 percent of the overall market.
LPS previously reported that the non-current rate was 11.32 percent in May 2012.
The highest delinquency rates last month were in Florida, New Jersey, Mississippi, Nevada and New York.
Montana, Wyoming, Alaska, South Dakota and North Dakota maintained their standings as the states with the lowest levels of late payments.
Last month's U.S rate reflected 30-day delinquency, excluding foreclosures. of 6.21 percent, no different than in April.
Thirty-day delinquency, however, was lower than 7.20 percent in May 2012.
The foreclosure pre-sale inventory rate was also unchanged at 3.17 percent, though the foreclosure rate has fallen from 4.12 percent in the same month last year. |
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