Delinquencies Decline, Foreclosures Take Time

According to NationalMortgageNews, Lender Processing Services (LPS) reports the national delinquency rate fell six percent from the previous month to 7.09 percent as of March 31, 2012. For the 40 million mortgages analyzed by LPS, March is the third consecutive month the rate has fallen, reaching a new low last seen in Aug. 2008. Year-over-year delinquencies have fallen 8.8 percent. Approximately 3.5 million mortgages are overdue 30 days or more, and 1.6 million properties are 90 days overdue, none of which are in foreclosure. LPS says the foreclosure inventory is 4.14 percent, 0.1 percent higher than Feb. but 1.6 percent lower than March 2011. The foreclosure presale inventory is just over two million properties. has learned the states with the highest number of foreclosures are among those with the highest ratio of delinquent loans: Florida, Mississippi, Nevada, New Jersey and Illinois. States with the most current loans include Montana, Alaska, Wyoming, and the Dakotas.

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