The percentage of repeat foreclosures hit a new all-time high in January, with 47% of all foreclosure starts falling into that category, according to new data from Jacksonville, Fla.-based Lender Processing Services Inc. (LPS).
LPS' January Mortgage Monitor reports that foreclosure starts and sales were up 28% and 29%, respectively, in January, which may suggest the backlogged foreclosure pipeline is beginning to move. However, LPS warns that the ‘contrast between judicial and nonjudicial foreclosure states remains stark, with sales in nonjudicial states outpacing judicial by over three to one.’ The average pipeline ratio in judicial states is now at 63 months, down from a high of 147 months at its peak in February 2011.
LPS' data also shows that the total U.S. loan delinquency rate in January was 7.97 %, down 2.2% from the previous month. The top five states for new seriously delinquent loans in January were Nevada, Florida, Mississippi, Arizona and Georgia, while the states with the lowest percentage of noncurrent loans were Montana, Alaska, Wyoming, South Dakota and North Dakota.
LPS' full report is available online.