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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 at Lowest Level Since 2008

90-day rate down 30 BPS in May

July 9, 2013

By Mortgage Daily staff

Despite an uptick in the number of completed foreclosures, the rate of serious delinquency on residential home loans fell to its lowest level since 2008. Florida and New Jersey continue to be problem states.

Residential loans that were past due at least 90 days accounted for 5.6 percent of all home loans outstanding as of May 31.

The rate of serious delinquency, which includes loans in foreclosure and real estate owned, was at its lowest level since December 2008.

Ninety-day delinquency improved from the previous month, when it stood at 5.9 percent, according to CoreLogic.

During the same month last year, the 90-day rate was 6.9 percent.

Florida's 13.3 percent 90-day delinquency rate was the highest in the nation during May.

No. 2 was New Jersey, where the rate was 10.8 percent, followed by 9.3 percent in Nevada.

New York, which was next with 8.0 percent, was home to the second-worst Core Based Statistical Area: New York-White Plaines-Wayne, NY-NJ -- where the delinquency rate was 8.4 percent.

The No. 5 state, Illinois, had a 7.5 percent thanks to the Chicago-Joliet-Naperville CBSA, where three-month delinquency was 8.7 percent -- the highest of the largest areas.

At just 1.2 percent, North Dakota had the lowest level of serious delinquency.

Mortgage servicers completed 52,000 foreclosures during the latest month.

Repossessions rose from April, when 50,000 foreclosures were completed.

But activity has tumbled from a year prior, when REO filings numbered 71,000.

Florida's 103,087 completed foreclosures during the 12 months ended May 31 were the highest of any state.

California followed with 76,063. Next was 63,624 in Michigan, 51,101 in Texas and 47,069 in Georgia.

"These five states account for almost half of all completed foreclosures nationally," CoreLogic stated.

With just 108 completed foreclosure during the 12-month period, the District of Columbia had fewer foreclosures than any state.

The U.S. foreclosure inventory rate finished May at 2.6 percent, better than 2.8 percent at the end of the previous month. The rate was 3.5 percent at the same point in 2012.

The foreclosure inventory rate was highest in Florida at 8.8 percent, followed by New Jersey's 6.0 percent rate, New York's 4.8 percent, Maine's 4.1 percent and Connecticut's 4.1 percent.

Wyoming's 0.5 percent foreclosure inventory rate was the lowest of any state.

As of April, the residential shadow inventory stood at less than 2 million units valued at $314 billion, down 18 percent from a year earlier. The shadow inventory has retreated by a third since its 3 million peak in 2010.

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