Today's Video- Staggering Mortgage Data-GETTING WORSESubmitted by christopher X on Mon, 01/25/2010 - 13:10
Video-January 25, 2010
Study: Millions Not Paying Their Mortgages
Lender Processing Services' December 2009 Mortgage Monitor Report Reveals One in Every 7.5 Properties Behind on Payments or in Foreclosure
JACKSONVILLE, Fla., Jan 11, 2010 /PRNewswire via COMTEX/ ---- The December Mortgage Monitor report, released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, showed that one in every 7.5 homeowners in the United States is either behind on mortgage payments or in foreclosure. The December 2009 Mortgage Monitor report is an in-depth summary of mortgage industry performance indicators based on data collected as of November 30, 2009.
Total delinquencies, excluding foreclosures, increased to a record high 9.97 percent, representing a month-over-month increase of 5.46 percent and a year-over-year increase of 21.29 percent. Loans rolling to a more delinquent status totaled 5.01 percent compared to 1.52 percent of loans that improved. Of loans that were current in December 2008, 4.37 percent were either 60 or more days delinquent or in foreclosure by the end of November 2009, a rate higher than any other year for the same period.
Foreclosure inventories also continued to climb to new highs with November's foreclosure rate at 3.19% - a month-over-month increase of 1.46 percent and a year-over-year increase of 81.41 percent. Compared to 2005 levels, foreclosure inventories across all loans are now nearly seven times higher, while jumbo loan foreclosure inventories are nearly 100 times more than levels four years ago.