Calculated Risk: LPS: Mortgage delinquencies increased in November, “In Foreclosure” Declines
LPS: Mortgage delinquencies increased in November, “In Foreclosure” Declines
by Bill McBride on 12/21/2012 10:55:00 AM
LPS released their First Look report for November today. LPS reported that the percent of loans delinquent increased in November compared to October, and declined about 9% year-over-year. Also the percent of loans in the foreclosure process declined further in November and are the lowest level since 2009.
LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) increased to 7.12% from 7.03% in October. Note: the normal rate for delinquencies is around 4.5% to 5%.
The percent of loans in the foreclosure process declined to 3.51% from 3.61% in October.
The number of delinquent properties, but not in foreclosure, is down about 10% year-over-year (434,000 fewer properties delinquent), and the number of properties in the foreclosure process is down 18% or 388,000 year-over-year.
The percent (and number) of loans 90+ days delinquent and in the foreclosure process is still very high, but the number of loans in the foreclosure process is now declining.
LPS will release the complete mortgage monitor for November in early January.
LPS: Percent Loans Delinquent and in Foreclosure Process
Nov 2012 Oct 2012 Nov 2011
Delinquent 7.12% 7.03% 7.83%
In Foreclosure 3.51% 3.61% 4.20%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure: 1,999,000 1,957,000 2,250,000
Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,584,000 1,543,000 1,767,000
Number of properties in foreclosure pre-sale inventory: 1,767,000 1,800,000 2,155,000
Total Properties 5,350,000 5,300,000 6,172,000