Data from First American CoreLogic indicate the increase in monthly real estate owned filings is tapering off — though cumulative REOs during the past 12 months have more than doubled.
U.S. residential delinquency of at least 90 days stood at 5.10 percent as of April, according to the data provided to MortgageDaily.com today by First American. Delinquency jumped from 3.89 percent in April 2008.
The data compare to a 30-day delinquency rate of 5.57 percent as of April 30 reported by HOPE NOW late last month.
From May 1, 2008, through April 30, 2009, First American said 2,021,546 pre-foreclosures were filed. During the prior 12 months, pre-foreclosures totaled 1,462,397. HOPE NOW’s data indicated the 12-month cumulative total for new foreclosures started was 2,499,000 as of April 30.
The foreclosure rate reached 1.76 percent in April, First American said. A year earlier, the rate stood at 1.46 percent.
During the 12 months ended April 30, 1,049,596 foreclosures were filed, according to First American’s data. Filings totaled 768,947 in the previous 12-month period.
The rate of REO filings was 0.74 percent in April, not much worse than 0.70 percent a year earlier.
But the cumulative total of repossessions for the one-year period ended on April 30 was 711,094, soaring from 293,837 the prior year. REOs totaled 907,000 for the latest 12-month period in HOPE NOW’s report.
