Foreclosures Rise as Mortgage Delinquencies Remain Flat

November 17, 2010 No Comments »

foreclosures

Foreclosure inventories rose in October as late mortgage payments remained rather flat, according to the October “First Look” Mortgage Report from Lender Processing Services.

The residential home loan delinquency rate (loans 30 or more days past due, but not in foreclosure) was 9.29 percent as of the end of October, up 0.1 percent from September, but down 8.4 percent from a year ago.

A total of 4,953,000 properties had associated mortgages that were 30 or more days past due, but not in foreclosure.

And 2,238,000 properties had mortgages that were 90 days or more past due, but still not in foreclosure.

Remember, the foreclosure timeline is exceeding 500 days in some states because of all the hoopla, meaning plenty of free rent and possibly skewed consumer spending as a result.

Foreclosure Inventory Rising

Meanwhile, the foreclosure pre-sale inventory rate increased to 3.92 percent, up 2.1 percent from a month earlier and 5.2 percent from a year ago.

The foreclosure pre-sale inventory now stands at 2,090,000 properties, while the number of properties that are 30 or more days delinquent or in foreclosure totaled 7,043,000 (this is essentially what they call the shadow inventory).

Mortgage delinquencies continue to be the worst in Florida, Nevada, and Mississippi, while Montana, Wyoming, and the Dakotas continue to exhibit the lowest rates of delinquency.

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