Substantial Decline in Foreclosure Inventory Noted in LPS Report

Lender Processing Services (LPS) has provided its regular advanced release of data from its Mortgage Monitor.  This "first look" at April 2013 month-end mortgage performance data will be followed by the full report in early June.

LPS reports that the total loan delinquency rate - loans 30 or more days past due but not in foreclosure - was 6.21 percent in April, down 5.81 percent from March and 9.61 percent from April 2012.  Just over 3.11 million loans are currently delinquent but not in foreclosure and 1.394 million of these are over 90 days past due.

Loans that are in foreclosure - the so called foreclosure inventory - now number about 1.59 million properties, 3.17 percent of U.S. mortgages.  The inventory is down 5.83 percent month over month and has dropped by almost 25 percent since April 2012.

States with the highest percentage of delinquent loans and loans in foreclosure are little changed from recent months; Florida, New Jersey, Mississippi, Nevada, and New York top the list.  

LPS derives its performance statistics from its loan-level database representing approximately 70 percent of the overall mortgage market.