The total late-payment rate on residential loans was better last month even though the foreclosure inventory grew. The 30-day rate improved 16 basis points, and 90-day delinquency fell 14 BPS.
Last month there were 6,298,000 mortgages that were at least 30 days past due. That included 2,210,000 loans in the process of foreclosure.
The delinquency statistics were reported Friday by Lender Processing Services Inc., which determines the figures based on a loan-level database of nearly 40 million loans.
Excluding foreclosures, the 30-day rate improved to 7.93 percent from 8.09 percent in September. The 90-day rate was also better, falling to around 3.41 percent from approximately 3.55 percent.
The foreclosure inventory rate, however, climbed to 4.29 percent from 4.18 percent.
The five states with the highest total delinquency rates — Florida, Mississippi, Nevada, New Jersey and Illinois — have ranked among the five-worst states since May.
While there was a little jockeying among the five states with the lowest rates — Montana, Wyoming, South Dakota, Alaska and North Dakota — they all were among the five best performers in October.