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| Delinquency Down in August
12.24% 30-day delinquency rate in August
Sept. 20, 2011
By MortgageDaily.com staff
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The rate of borrowers who were late on their mortgages last month improved.
There were 4,249,000 U.S. mortgages at least 30 days past due as of Aug. 31.
In addition, another 2,148,000 home loans were in the process of foreclosure.
Those numbers were reported Tuesday by Lender Processing Services Inc. The findings were derived from a loan-level database of 40 million mortgages.
That worked out to a total delinquency rate of 12.24 percent.
Performance improved from 12.45 percent previously reported for July. It was also lower than 13.02 percent in August 2010.
A separate report Tuesday, the S&P/Experian Consumer Credit Default Indices, indicated that 90-day delinquency edged down to 1.92 percent in August from the prior month's 1.93 percent.
LPS said that last month's rate reflected delinquency of 8.13 percent excluding foreclosures, better than 8.34 percent a month earlier.
It also included a pre-sale foreclosure rate of 4.11 percent, improving a hair from 4.12 percent in July.
Florida and Mississippi joined Nevada, New Jersey and Illinois as the five states with the highest delinquency rates. |
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