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| Foreclosures Lift Delinquency
Non-current rate 12.27% in September
Oct. 21, 2011
By MortgageDaily.com staff
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A bump in home-loan delinquency last month was the result of rising foreclosures. The same five states have exhibited the worst for performance for each of the past five months.
As of the end of September, 12.27 percent of residential loans were at least a month past due. That amounted to 6,373,000 mortgages.
Delinquency deteriorated from 12.24 percent in August. But the number of late loans was higher in August at 6,397,000.
The statistics were delivered Friday by Lender Processing Services Inc. The Jacksonville, Fla.-based firm derived its findings from a loan-level database of nearly 40 million mortgages.
Delinquency was better than 13.11 percent as of Sept. 30, 2010.
Excluding foreclosures, the delinquency rate fell to 8.09 percent last month from 8.13 percent in August.
But a 7-basis-point increase in foreclosures drove the overall rate higher. The foreclosure rate was 4.18 percent as of Sept. 30 versus 4.11 percent a month earlier.
States with the overall highest delinquency rates last month were Florida, Mississippi, Nevada, New Jersey and Illinois.
In fact, these same states have occupied worst-five positions each month since May.
On the flip side, Montana, Alaska, Wyoming, South Dakota and North Dakota had the lowest delinquency rates. |
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