Home Uncategorized Past due mortgages head wrong way in September 2012

Past due mortgages head wrong way in September 2012

Published on Oct 23, 2012 by

According to a report published today by dsnews.com and data compiled by Lender Processing Services, which has a loan-level database covering about 70 percent of the mortgages on the market, nationwide, the mortgage delinquency rate, which includes loans 30 days or more past due, but not in foreclosure rose in September 2012.

In August the number of mortgages in delinquency was 7.40%, that number for September rose to 7.72%.

Even though the above numbers rose, the number of foreclosures fell to 3.87% which was the first time in over two years that it had dropped below 4%.  (My assumption is that foreclosed properties are being sold quicker now than in the past as more investors are jumping into the market and buying low-priced properties.)

As of September 2012, there are 5.64 million properties that are 30 days or more past due or in foreclosure.  Of the 5.64 million, loans that were 30 days or past due but NOT in foreclosure totaled 3.7 million.  Of the 3.7 million, 1.53 million were 90 days or more past due, or on the verge of going into foreclosure.  Of the 5.64 million, 1.94 million were in foreclosure.

Looking to the future, currently there are 5.64 million in foreclosure, another 1.53 million are on the verge of foreclosure and another 3.7 million are 30 days behind on their loans.  Not very promising.

The states with the highest percentage of past due loans were Florida, Mississippi, New Jersey, Nevada, and Louisiana.

The states with the smallest percentage of loans still unpaid were Montana, Alaska, South Dakota, Wyoming, and North Dakota.

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