According to the First Look report for October to be released today by Lender Processing Services (LPS), the percent of loans delinquent decreased in October compared to September, and declined about 11% year-over-year. Also the percent of loans in the foreclosure process declined further in October and were down 30% over the last year.
LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) decreased to 6.28% from 6.46% in September. The normal rate for delinquencies is around 4.5% to 5%.
The percent of loans in the foreclosure process declined to 2.54% in October from 2.63% in September. The is the lowest level since late 2008.
The number of delinquent properties, but not in foreclosure, is down 348,000 properties year-over-year, and the number of properties in the foreclosure process is down 524,000 properties year-over-year.
LPS will release the complete mortgage monitor for October in early December.
|LPS: Percent Loans Delinquent and in Foreclosure Process|
|October 2013||September 2013||October 2012|
|Number of properties:|
|Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:||1,869,000||1,935,000||1,957,000|
|Number of properties that are 90 or more days delinquent, but not in foreclosure:||1,283,000||1,331,000||1,543,000|
|Number of properties in foreclosure pre-sale inventory:||1,276,000||1,328,000||1,800,000|