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New Delinquencies Inch Higher

Following four consecutive months of improvement, residential delinquency moved higher last month. Behind the deterioration were newly past-due loans.

The 30-day delinquency rate was 11.26 percent during April. The figure included loans in the process of foreclosure.

That worked out to 5,570,000 delinquent mortgages.

Late payments climbed from March, when delinquency of at least one month was 11.23 percent, according to Lender Processing Services Inc. There were 5,591,000 past-due loans that month.

The findings were extrapolated from LPS’ loan-level database of nearly 40 million mortgages.

The last time that delinquency increased was during November 2011, when the 30-day rate rose 9 basis points from the prior month to 12.31 percent.

But the rate was still better than 12.31 percent in April 2011.

Florida had the highest rate of delinquency last month, followed by Mississippi, New Jersey, Nevada and Illinois.

States with the lowest default rates were Montana, Alaska, South Dakota, Wyoming and North Dakota.

The increase in late payments was concentrated in loans past due at least 30 days but not in foreclosure, with the rate rising to 7.12 percent from the March’s 7.09 percent.

The foreclosure pre-sale inventory rate, however, was unchanged at 4.14 percent.

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