According to a report from Lender Processing Services, more than 6.5 million mortgages are now past due or in foreclosure[1]. The 6,538,000 mortgages throughout the country that are now delinquent represents an increase of around 190,000 delinquencies since June 2011 and 16 percent of the roughly 40 million mortgages in the country. Interestingly, only a little under 270,000 of those mortgages are actually in the national foreclosure inventory at this time. The vast majority of the loans in questions are either seriously delinquent – 90 days or more past due – or in the process of being referred to a foreclosure attorney. The latter, however, account for only a third of the total past-due tally.
LPS noted in its report that year-over-year, delinquency rates have actually fallen 10.4 percent[2]. What do you think is the root cause of this “improvement,” such as it is?
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[1] http://www.dsnews.com/articles/industrys-past-due-mortgages-climb-above-65-million-2011-08-16
[2] http://www.mortgageorb.com/e107_plugins/content/content.php?content.9453
