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Foreclosure Supply Would Take Nearly 52 Months to Sell
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Foreclosure Supply Would Take Nearly 52 Months to Sell
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Receive Multiple Offers. Save Money.
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Foreclosure Supply Would Take Nearly 52 Months to Sell
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June 29, 2011 (Shirley Allen)

The number of mortgages that are more than 90 days delinquent combined with the current foreclosure inventory would take nearly 52 months to clear out at the current rate of sales according to figures released in the May Mortgage Monitor report by Lenders Processing Services (LPS).

LPS reports the combined total of 90 day or more delinquent properties and the current foreclosure inventory totaled 4,084,557 properties at the end of May. With 78,676 foreclosure sales recorded in May, it would take nearly 52 months to clear out the current supply of distressed properties.

May’s data also shows that the disparity in foreclosure sales between judicial and non-judicial states continues to increase as foreclosure inventories in judicial states have increased twice as much as inventories in non-judicial states over the last year.

The biggest drop in foreclosure sales have occurred in judicial East Coast states with declines of 96% in Washington DC, 80% in Maryland, 79% in New York, and 75% in New Jersey. More than 33 percent of the borrowers in foreclosure have not made a payment in over two years.

On the bright side, new problem loans are at 1.27 percent, which is less than half the level experienced during the peak in 2009. Historically, delinquencies are still almost double and foreclosures are eight times higher than normal levels.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.96% compared to 7.98% in April 2011

Month-over-month change in delinquency rate: -0.1% compared to 2.4% in April 2011

Year-over-year change in delinquency rate: -18.3% compared to -16.3% in April 2011

Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.14% in April 2011

Month-over-month change in foreclosure presale inventory rate: -0.7% compared to -1.6% in April 2011

Year-over-year change in foreclosure presale inventory rate: 12.3% compared to 12.7% in April 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,187,000 compared to 4,204,000 in April 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,921,000 compared to 1,961,000 in April 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,164,000 compared to 2,184,000 in April 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,350,000 compared to 6,388,000 in April 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, GA in April 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in April 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans

Source:
LPS

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June 29, 2011 (Shirley Allen)

The number of mortgages that are more than 90 days delinquent combined with the current foreclosure inventory would take nearly 52 months to clear out at the current rate of sales according to figures released in the May Mortgage Monitor report by Lenders Processing Services (LPS).

LPS reports the combined total of 90 day or more delinquent properties and the current foreclosure inventory totaled 4,084,557 properties at the end of May. With 78,676 foreclosure sales recorded in May, it would take nearly 52 months to clear out the current supply of distressed properties.

May’s data also shows that the disparity in foreclosure sales between judicial and non-judicial states continues to increase as foreclosure inventories in judicial states have increased twice as much as inventories in non-judicial states over the last year.

The biggest drop in foreclosure sales have occurred in judicial East Coast states with declines of 96% in Washington DC, 80% in Maryland, 79% in New York, and 75% in New Jersey. More than 33 percent of the borrowers in foreclosure have not made a payment in over two years.

On the bright side, new problem loans are at 1.27 percent, which is less than half the level experienced during the peak in 2009. Historically, delinquencies are still almost double and foreclosures are eight times higher than normal levels.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.96% compared to 7.98% in April 2011

Month-over-month change in delinquency rate: -0.1% compared to 2.4% in April 2011

Year-over-year change in delinquency rate: -18.3% compared to -16.3% in April 2011

Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.14% in April 2011

Month-over-month change in foreclosure presale inventory rate: -0.7% compared to -1.6% in April 2011

Year-over-year change in foreclosure presale inventory rate: 12.3% compared to 12.7% in April 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,187,000 compared to 4,204,000 in April 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,921,000 compared to 1,961,000 in April 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,164,000 compared to 2,184,000 in April 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,350,000 compared to 6,388,000 in April 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, GA in April 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in April 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans

Source:
LPS

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

June 29, 2011 (Shirley Allen)

The number of mortgages that are more than 90 days delinquent combined with the current foreclosure inventory would take nearly 52 months to clear out at the current rate of sales according to figures released in the May Mortgage Monitor report by Lenders Processing Services (LPS).

LPS reports the combined total of 90 day or more delinquent properties and the current foreclosure inventory totaled 4,084,557 properties at the end of May. With 78,676 foreclosure sales recorded in May, it would take nearly 52 months to clear out the current supply of distressed properties.

May’s data also shows that the disparity in foreclosure sales between judicial and non-judicial states continues to increase as foreclosure inventories in judicial states have increased twice as much as inventories in non-judicial states over the last year.

The biggest drop in foreclosure sales have occurred in judicial East Coast states with declines of 96% in Washington DC, 80% in Maryland, 79% in New York, and 75% in New Jersey. More than 33 percent of the borrowers in foreclosure have not made a payment in over two years.

On the bright side, new problem loans are at 1.27 percent, which is less than half the level experienced during the peak in 2009. Historically, delinquencies are still almost double and foreclosures are eight times higher than normal levels.

Earlier highlights from LPS’s “First Look” report include:

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.96% compared to 7.98% in April 2011

Month-over-month change in delinquency rate: -0.1% compared to 2.4% in April 2011

Year-over-year change in delinquency rate: -18.3% compared to -16.3% in April 2011

Total U.S foreclosure pre-sale inventory rate: 4.11% compared to 4.14% in April 2011

Month-over-month change in foreclosure presale inventory rate: -0.7% compared to -1.6% in April 2011

Year-over-year change in foreclosure presale inventory rate: 12.3% compared to 12.7% in April 2011

Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,187,000 compared to 4,204,000 in April 2011

Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,921,000 compared to 1,961,000 in April 2011

Number of properties in foreclosure pre-sale inventory: (B) 2,164,000 compared to 2,184,000 in April 2011

Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,350,000 compared to 6,388,000 in April 2011

States with highest percentage of non-current* loans: FL, NV, MS, NJ, IL (FL, NV, MS, NJ, GA in April 2011)

States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in April 2011)

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.

Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans

Source:
LPS

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.