Mortgage Daily Logo
mortgage news from industry experts

Foreclosures Lift Delinquency

A bump in home-loan delinquency last month was the result of rising foreclosures. The same five states have exhibited the worst for performance for each of the past five months.

As of the end of September, 12.27 percent of residential loans were at least a month past due. That amounted to 6,373,000 mortgages.

Delinquency deteriorated from 12.24 percent in August. But the number of late loans was higher in August at 6,397,000.

The statistics were delivered Friday by Lender Processing Services Inc. The Jacksonville, Fla.-based firm derived its findings from a loan-level database of nearly 40 million mortgages.

Delinquency was better than 13.11 percent as of Sept. 30, 2010.

Excluding foreclosures, the delinquency rate fell to 8.09 percent last month from 8.13 percent in August.

But a 7-basis-point increase in foreclosures drove the overall rate higher. The foreclosure rate was 4.18 percent as of Sept. 30 versus 4.11 percent a month earlier.

States with the overall highest delinquency rates last month were Florida, Mississippi, Nevada, New Jersey and Illinois.

In fact, these same states have occupied worst-five positions each month since May.

On the flip side, Montana, Alaska, Wyoming, South Dakota and North Dakota had the lowest delinquency rates.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION