Delinquent Mortgages Drop Nationwide in March

21 04 2011

The national mortgage delinquency rate dropped in March, but the national inventory of foreclosed properties rose, according to data from Jacksonville-based Lender Processing Services Inc.

Of all mortgage loans nationwide, 7.78 percent were past due by 30 days or more but foreclosure proceedings had not yet begun, LPS reported in a “first look” mortgage data report released Tuesday. That’s down by 11.6 percent from February and 10.4 percent from March 2010.

The inventory of foreclosed properties not yet sold was at 4.21 percent, a 1.4 percent increase from February and an 11 percent increase from March 2010, LPS reported.

The number of U.S. properties nationwide that were at least 30 days delinquent in mortgage payments but not yet in foreclosure was 4.1 million in March, LPS noted. Of them, there were 2 million properties that were 90 days or more delinquent but not yet in foreclosure.

There were 2.2 million properties in “foreclosure pre-sale inventory,” an indicator that shows the scope of the so-called “shadow inventory,” or backlog of foreclosed not listed for sale by lenders either due to sheer number or avoidance of flooding the market with distressed properties all at once.

The total number of homes that had mortgages 30 days or more delinquent and were in foreclosure was 6.3 million nationwide. Leading the states with the highest numbers of non-current loans were Florida, Nevada, Mississippi, New Jersey and Georgia. The states where those rates were lowest were Montana, Wyoming, Arkansas, South Dakota and North Dakota.

Source: Lender Processing Services Inc. and Jacksonville Business Journal

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