The foreclosure data for March was something of a seesaw ride, with foreclosure sales at their lowest level since December 2010 and foreclosure inventory remaining near historic highs, according to the new data from Jacksonville, Fla.-based Lender Processing Services Inc. (LPS).
LPS reports that foreclosure starts saw a monthly increase of 8.1%, although they were down more than 31% from March 2010. Also in March, first-time foreclosure starts hit a five-month high – but LPS adds the number of first-time foreclosure starts in March was ‘still far below those seen throughout much of 2011 and all of the previous three years.’
Furthermore, LPS' March data also showed that mortgage delinquencies have continued to decline, reaching their lowest level since August 2008, with seriously delinquent inventory (loans more than 90 days delinquent) declining in both judicial and nonjudicial foreclosure states.
LPS placed the total U.S. loan delinquency rate at 7.09% in March, down 6.3% from February. The states with the highest percentage of noncurrent loans were Florida, Mississippi, New Jersey, Nevada and Illinois, while the states with the lowest percentage of noncurrent loans were Montana, Alaska, South Dakota, Wyoming and North Dakota.
LPS' full data is available online.