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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.


Serious Delinquency Eases, Foreclosures Hold

90-day delinquency down 10 BPS in April

June 11, 2012

By MortgageDaily.com staff


Serious delinquency on home loans improved and has not worsened in five months. The foreclosure rate, meanwhile, has not seen an increase in seven months.

The rate of residential loans that were at least 90 days past due was 6.8 percent during April.

A month earlier, the revised rate was 6.9 percent. Delinquency for March was originally reported at 7.0 percent.

The data from CoreLogic indicated that serious delinquency has not risen since November 2011, when the rate was 7.3 percent.

CoreLogic previously reported that serious delinquency was 7.4 percent in April 2011.

April's 90-day rate was reported at 5.78 percent in a separate report from CreditForecast.com, down from 6.03 percent the previous month.

In CoreLogic's report, Florida by far had the worst delinquency rate of any state in April: 16.8 percent. Driving Florida's delinquency was the Orlando-Kissimmee-Sanford region, where the rate was 17.4 percent, and the Tampa-St. Petersburg-Clearwater area, with a 16.8 percent rate. The two areas had the highest rates of the country's top-25 core-based statistical areas.

Trailing the Sunshine State was Nevada's 12.1 percent, then 10.8 percent in New Jersey.

While no other states had double-digit rates, delinquency was 8.8 percent in No. 4 Illinois. The Chicago-Joliet-Naperville CBSA had a 10.3 percent delinquency rate, the fourth-worst among all areas.

New York and Maryland tied for the fifth spot at 7.9 percent. The Empire State was hurt by the 10.4 percent rate in the Nassau-Suffolk area.

The report from CoreLogic indicated that the 3.4 percent U.S. foreclosure rate in April has been unchanged for six months and hasn't deteriorated since September 2011, when the rate was 3.5 percent.

A year prior, the foreclosure rate was 3.5 percent.

Pre-foreclosure filings fell to 125,000 from March's 136,000 but have risen from April 2011, when 118,000 filings were reported.

Completed foreclosures were unchanged in April at 66,000 but have eased from 78,000 in the same month last year.

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