Delinquencies Drop

NationalMortgageNews reports residential delinquencies unexpectedly fell almost five percent in Oct. after spiking eight percent in Sept., according to Lender Processing Services (LPS). While the national delinquency rate at the end of Oct. hit 7.03 percent, delinquencies have fallen over seven percent since Oct. 2011. LPS says when late payments rise, it usually continues into the following month, but that did not happen this year. Although not in foreclosure, 3.5 million properties are 30 or more days late, and an additional 1.5 million are 90 days delinquent. As of Oct. 31, 1.8 million are in the foreclosure pipeline. As MHProNews has learned, states with the fewest delinquencies are Montana, North and South Dakota, Wyoming and Alaska. Those with the most include Florida, New Jersey, Mississippi, New York, and Nevada.

(Image credit: foreclosuresupport)

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