Nearly a million fewer home loans were delinquent in December than at the end of 2011. Improvement in the foreclosure rate compared to the prior month was enough to offset deterioration in early-stage delinquencies.
Last year finished with 5,292,000 residential loans that were past-due at least 30 days or in the process of foreclosure.
The number of delinquent mortgages retreated from November, when 5,350,000 borrowers were late on their payments.
Previously reported data from Lender Processing Services Inc. indicate that a substantial improvement has been made by mortgages servicers since December 2011, when 6,260,000 loans were overdue.
December’s delinquency rate was 10.61 percent, 2 basis points lower than the previous month. Compared to year-end 2011, delinquency has dropped 165 BPS.
Florida maintained its position as the state with the highest rate of non-current loans. Mississippi followed, then New Jersey, Nevada and New York.
At the other end of the scale were Montana, Wyoming, Alaska, South Dakota and North Dakota.
Last month’s rate reflected a 7.17 percent 30-day delinquency rate excluding foreclosures, worse than 7.12 percent in November.
The foreclosure rate, however, fell to 3.44 percent from 3.51 percent.
