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LPS report shows steady decrease in home loan delinquencies
09/26/2010
A report released by Lender Processing Services, a real estate data provider, shows that out of 40 million mortgages, 9.2 percent of borrowers were 30 days late on payments. However, the month-over-month change in mortgage delinquency rates was -1 percent.
"The fact that we're seeing foreclosure inventories rising is more a factor of process than increasing deterioration," LPS representative Herb Blecher told Real Estate Channel, an industry news site. "Loans that have been delinquent for a historically long period of time are just now beginning to move through the pipeline. As of July 2010, the average length of time a loan in foreclosure had been delinquent was nearly 470 days."
Florida, Nevada, and Georgia were included in the list of states with high numbers of residents delinquent on mortgage payments. North Dakota, South Dakota and Arkansas had low numbers of homeowners facing foreclosure.
LPS is expected to release its monthly Mortgage Monitor report to further elaborate on the collected data by the end of September. Property owners struggling with home loans can consider consolidation or refinancing to reduce their interest rates and annual expenses.
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