Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosures Down Nationally

The continuing surge of loan delinquencies and reduction of foreclosures continues. The latest numbers from Lender Processing Services (LPS) show that although the nation’s delinquency rate in September climbed 7.7 percent from August, foreclosure starts (-21 percent), foreclosure sales (-18 percent), delinquent cures (-25 percent), and prepayment rates (-13 percent) all decreased.

Much of the drop in foreclosure numbers resulted due to a rise in short sales.

More Homeowners 30 Days Delinquent

Some of the more interesting numbers reveal that first time delinquencies increased by about 200,000 from the month before. This means that greater numbers of homeowners slipped into the 30-day delinquent abyss. Surprisingly, the numbers showed that re-default rates for modified loans did not seem to impact delinquencies.

Even with the up tick, delinquencies still marked a 4.2 percent dip yearly, and serious delinquencies (90-plus days) fell 8.1 percent yearly.

Foreclosure starts, which nationally numbered about 159,000, hit their lowest level since September 2007 and fell 27.9 percent yearly.

One final note, LPS revealed that HARP eligible population may still include over 3 million loans. However homeowners may not wish to take advantage of HARP if they sit so far underwater.

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

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1 Comment

Filed under Foreclosure, Mortgages, short sales

One response to “Foreclosure Starts Reach 2007 Levels, But Delinquencies Rise

  1. Pingback: California Mortgage Delinquency Rates Drop | Resource Blog

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