Foreclosure Inventories Continue Growth


Approximately 2.09 million properties were in servicers' foreclosure pre-sale inventories at the end of October, according to Lender Processing Services Inc. (LPS). Combined with the number of loans that are 30 or more days delinquent, the total number of non-current loans is about 7.04 million.

Servicers' total U.S. foreclosure inventory rate grew 2.1% from September 2010 and 5.2% from October 2009, LPS reports.

The nation's delinquency rate (i.e., loans 30+ days delinquent but not in foreclosure) was 9.29% at the end of last month – a 0.1% increase from September. The Mortgage Bankers Association will release its third-quarter delinquency report Thursday.

LPS, which will release its complete October report Nov. 22, also reports that Florida, Nevada, Mississippi, Georgia, Louisiana and New Jersey were the states with the highest percentages of non-current loans.

SOURCE: Lender Processing Services

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