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| No Foreclosure Relief Yet
Residential deliquency 9.4% in October
Dec. 2, 2009
By MortgageDaily.com staff
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Two reports indicate late payments and foreclosures on home loans have not eased. A troubling statistic from one of the reports is that more than a quarter of loans that have been in foreclosure for a year have yet to be listed for sale.
Residential delinquency was 9.4 percent in October, according to the November Mortgage Monitor released today by Lender Processing Services Inc.
The report summarized mortgage industry performance based on data collected as of Oct. 31. Lender Processing says it maintains a database on 40 million loans.
Another report from HOPE NOW indicated that U.S. delinquency of at least 60 days was 6.61 percent in September, higher than August's 6.28 percent. In October 2008, the 60-day rate was 4.29 percent. HOPE NOW's data is extrapolated from its 26 member companies that service around 37.7 million loans accounting for 72 percent of all home loans.
Based on HOPE NOW's data, around 52,613,000 U.S. home mortgages are outstanding -- including 46,825,000 prime mortgages and 5,788,000 subprime loans.
Florida's 23 percent delinquency rate was the highest of any state, according to Lender Processing. Other ailing states included Arizona, California, Illinois, Michigan, Nevada and Ohio.
Of mortgages that were current in December 2008, 4 percent -- or more than 2 million -- were delinquent as of October, Lender Processing said. The biggest deterioration was in the Northeast and the Northwest.
As foreclosure sales jumped, October's foreclosure rate was 3.14 percent. Lender Processing noted that "the number of foreclosures on the market continues to stall as foreclosure timelines extend."
HOPE NOW's data indicated that 238,000 foreclosures were started in September, more than 224,000 in August. Completed foreclosures rose to 90,000 from 75,000.
Lender Processing indicated that almost 30 percent of properties that have been in foreclosure for 12 months have not yet been put on the market for sale. |
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