Loans in foreclosure are at their highest level yet, at an average of six hundred twenty-four days. In contrast, foreclosure starts dropped over 11% from August to September.
A mortgage monitor report from LPS for September showed foreclosure starts fell about 15% from a year earlier. The national delinquency rate is 8.09%, down from 8.13% the prior month and 9.27% a year earlier.
LPS said that the average delinquency process in judicial states, where backlogs remain extremely high, is about 200 days longer than non-judicial states: 751 to 565.
According to LPS, 1st time delinquencies accounted for about nearly 30% of new delinquencies in September. Almost 40% of loans in foreclosure have not seen a payment in more than two years and foreclosure starts outnumber sales by more than three to one.
Jumbo prime delinquencies are at almost three hundred times higher than in the 2008 reports. This company tracks date level on amost 40 million mortgages. Stats include:
- 4.2 million properties are more than 30 days delinquent.
- 1.84 million properties are 90+ days past due, but aren't in foreclosure either.
-2.17 million homes are in pre-foreclosure.
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