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Early Stage Delinquencies Rise, Foreclosures Fall

November delinquency off 1 basis point from October

Dec. 21, 2012

By Mortgage Daily staff


An improvement in the rate of foreclosures last month was enough to overcome deterioration in 30-day delinquency and bring the overall rate lower. But it wasn't enough to reduce the number of delinquent mortgages.

A total of 5,350,000 residential loans were either past-due at least 30 days or in the process of foreclosure during November. The number grew from a month earlier, when 5,300,000 mortgages were delinquent.

The number of home loans with late payments, however, has declined substantially from the same month last year, when there were 6,260,000 mortgages that were at least a month overdue.

The statistics were released Friday from Lender Processing Services Inc. The Jacksonville, Fla.-based company determined the findings from its loan-level database that, it claims, represents around 70 percent of the overall market.

The delinquency rate worked out to 10.63 percent, a single basis point better than in October.

The rate was much higher in November 2011 at 12.31 percent.

Florida, New Jersey, Mississippi, Nevada and New York had the highest rates of delinquency.

The lowest rates could be found in the states of Montana, Wyoming, South Dakota, Alaska and North Dakota.

Excluding foreclosures, 30-day delinquency was 7.12 percent, deteriorating from 7.03 percent in October. But past-due payments still sit below the 8.15 percent rate previously reported for a year earlier.

At 3.51 percent, the foreclosure pre-sale inventory rate was 10 BPS better than the prior month and 65 BPS below the November 2011 rate.

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