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Delinquencies Appear to be on a Downward Trend, maybe....
The pace of new delinquencies has slowed during the winter months, according to a report by the valuation company, Lender Processing Services (LPS). The company believes that the trend is a reflection of the slowed pace of foreclosures due to HAMP and private loan modification programs.
With 7.5 million loans still in some stage of delinquency, we are far from economic recovery, even though the pace of new defaults seems to be slowing.
Further, the pipeline appears to be clogged as Lenders try to work out alternatives to foreclosure and deal with a growing number of delinquencies. Of loans delinquent for 6 months 31% are not yet in foreclosure, and 22.8% of loans delinquent for 12 months have not yet reached the NOD stage.
Older mortgages make up a higher percentage of new delinquencies, perhaps because of repeated failures or failures among homeowners who have lost jobs and are now suffering financial distress.
LPS says 13.5% of outstanding mortgages are not current. This adds the current mortgage delinquency rate of 10.2% with the foreclosed home inventory rate of 3.3%.
The usual suspects lead the delinquency list with a couple of surprises in the mix: Florida, Nevada, Mississippi, Arizona, Georgia, California, Indiana, ... more

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