LPS: Delinquencies Suddenly Spiked In June

After five consecutive months of steady decline, the delinquency rate for U.S. home mortgages spiked nearly 10% in June, month over month, according to Lender Processing Services' (LPS) ‘First Look’ Mortgage Report.

The total U.S. loan delinquency rate (loans 30 or more days past due but not in foreclosure) reached 6.68%, an increase of 9.91% compared to May.

However, delinquencies were down 6.5% compared to June 2012.

The total U.S. foreclosure presale inventory rate reached 2.93%, a drop of 3.92% compared to May and down 28.40% compared to June 2012. About 1,458,000 properties were included in foreclosure presale inventory.

About 3,328,000 properties were listed as being 30 or more days past due but not in foreclosure. About 1,345,000 properties were 90 or more days delinquent but not in foreclosure.

Altogether, about 4,785,000 properties were either 30 or more days delinquent or in foreclosure.

States with the highest rates of delinquency included Florida, Minnesota, New Jersey, New York and Maine. States with the lowest rates of delinquency included Wyoming, Montana, Arkansas, South Dakota and North Dakota.

The monthly report is derived from LPS' loan-level database representing approximately 70% of the overall market.

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