Lender Processing Services Inc.'s (LPS) latest Mortgage Monitor report, which covers data through the end of February, shows that the total number ofÂ delinquent loans was 21.3% higher than the same period last year. Although the data showed a small 1.45%Â seasonal decline in delinquencies from January 2010 to February 2010 month-end, the national delinquency rate still stood at 10.2%.
The nation's foreclosure inventories reached record highs. February's foreclosure rate of 3.31% represented a 51.1% year-over-year increase, LPS says.
The percentage of new problem loans also remains at a five-year high. The total number of non-current first-lien mortgages and real estate owned properties is now more than 7.9 million loans. More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by the end of February.
As a result of the federal government's Home Affordable Modification Program (HAMP), delinquent loans that were modified and that remained current through HAMP's three-month trial period – called ‘cures-to-current’ – have increased. Advanced delinquency rolls, however, remain elevated from a historical perspective, LPS says.
SOURCE: Lender Processing Services