As the rate of foreclosure in the U.S. continues to drop, so is the inventory of foreclosed homes.
According to Lender Processing Services' (LPS) ‘first look’ report for May 2013, the total U.S. foreclosure presale inventory rate hit 3.05% in May, a dip of 3.91% from April, when the inventory rate was 3.17%.
Year-over-year, the foreclosure presale inventory rate was down 26.98% compared to May 2012.
The total U.S. loan delinquency rate (loans 30 or more days past due but not in foreclosure) was 6.08%, down 2.11% compared to April and down 12.01% compared to May 2012.
In total, about 3,043,000 properties were 30 or more days past due but not in foreclosure, while 1,335,000 properties were 90 or more days delinquent.
The total number of properties in foreclosure presale inventory was 1,525,000.
The report is derived from LPS' loan-level database representing approximately 70% of the mortgage market.
States with the highest percentage of non-current loans include Florida, New Jersey, Mississippi, Nevada and New York. States with the lowest percentage of non-current loans include Montana, Arkansas, Wyoming, South Dakota and North Dakota.
