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Servicing News | Servicer Ranking | Delinquency Statistics
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.


90-Day Delinquency Declines

September mortgage delinquency rate down 10 BPS

Nov. 14, 2012

By Mortgage Daily staff


Mortgages that were at least three months past due accounted for a smaller share of loans outstanding in September. A decline was also reported for the rate of foreclosures and the share underwater borrowers.

Residential mortgages that were at least 90 days past due accounted for 6.7 percent of all U.S. home loans as of Sept. 30.

Delinquency improved from August, when the rate was 6.8 percent. It was also better than the same month in 2011, when the 90-day default rate was 7.3 percent.

CoreLogic, which reported the performance data, said that Florida's 16.3 percent delinquency rate was higher than any other state in September.

Nevada trailed with an 11.8 percent delinquency rate, then 11.4 percent in New Jersey.

The delinquency rate in all other states was less than 10 percent, with North Dakota's 1.5 percent being the lowest.

The U.S. foreclosure rate was 3.3 percent in September, lower than the prior month's 3.4 percent. The foreclosure rate has also improved from the same month last year, when it stood at 3.6 percent.

Pre-foreclosure filings fell to 134,000 from 137,000 in August. But this category has worsened from 130,000 in September 2011.

September 2012 saw 57,000 completed foreclosures, fewer than 59,000 a month earlier and falling from 70,000 a year earlier.

The share of borrowers whose loan-to-value ratios exceeded 100 percent was 22.5 percent during the latest month. That was a slight improvement over the 22.6 percent of borrowers who were upside-down in August. The improvement was a little more significant compared to September 2011, when negative-equity share was 24.7 percent.

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