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LPS' Report Finds Repeat Foreclosures Makeup 35 Percent of Foreclosure Starts

NationalMortgageProfessional.com
Mar 03, 2011

The January Mortgage Monitor Report released by Lender Processing Services Inc. (LPS) shows that while foreclosure starts decreased in the first month of 2011, they still outnumber foreclosure sales by almost three to one. At the same time, repeat foreclosures—loans that had cured in one way or another, but have fallen back into foreclosure - now account for more than 35 percent of foreclosure starts. As of the end of January, foreclosure inventories stood at nearly eight times historical averages (and 25 times January 2011's level of foreclosure sales), with delinquencies more than double historical norms. January's LPS Mortgage Monitor Report also showed that the foreclosure process continues to drag out as the timelines for foreclosure starts, days in inventory and sales all continue to extend. Serious delinquencies continue to rise as well. Deterioration in the 90-plus days delinquent category increased last month, for the first time since May 2010. The 90+ category has grown overall, with the largest increase in the 12-plus month category as loans were removed from foreclosure. As of Jan. 31, 2011, there are now more than 2.2 million loans 90 days or more delinquent but not yet in foreclosure, with more than 6.9 million loans in some stage of delinquency or foreclosure. As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include: ►Total U.S. loan delinquency rate: 8.9 percent ►Total U.S. foreclosure inventory rate: 4.16 percent ►Total U.S. non-current* loan rate: 13.1 percent ►States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey ►States with fewest non-current* loans: Montana, Wyoming, Alaska, South Dakota, North Dakota Note: Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Totals based on LPS Applied Analytics' loan-level database of mortgage assets and are extrapolated to represent the industry. For more information, visit www.lpsvcs.com.
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