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Delinquency Lower but Foreclosures Rise

Mortgage News

A decline in delinquency was reported for last month despite rising foreclosures.

Borrowers who were 30 days past due or in foreclosure accounted for 13.02 percent of home loan borrowers during August, improving from 13.08 percent a month earlier, according to Lender Processing Services Inc.

The numbers were reportedly derived from LPS’ database of 40 million mortgages.

The Aug. 31 rate, excluding foreclosures, was 9.22 percent, 11 basis points better than the month before. More than 7.3 million loans were at this stage of delinquency last month

The states struggling the most were Florida, followed by Nevada, Mississippi, Georgia and Illinois.

But the story was better in Montana, Wyoming, Alaska and South and North Dakota — where delinquency was lowest.

The improvement in 30-day lates didn’t carry over into foreclosures.

LPS said the foreclosure rate climbed to 3.80 percent from July’s 3.75 percent. The latest foreclosure count was just over 2 million loans.

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