The nation’s foreclosure inventory has contracted for 18 consecutive months and is now at its lowest point since the end of 2008, totaling 1.28 million loans, or just 2.54% of today’s active mortgages, according to Lender Processing Services (LPS).
The company’s latest report assessing loan-level data on the performance of mortgage assets through the end of October shows the industry’s foreclosure inventory rate is down 29.61% from last year. Through the first 10 months of 2013, the foreclosure inventory rate has plummeted 26%. Delinquencies dropped 2.8% month-over-month in October to come in at a rate of 6.28%.
LPS says while that’s not as low as the delinquency rates recorded earlier this year—in August the rate was 6.20% and in May it settled in at 6.08%—it’s still headed in the right direction. Compared to last year, the rate of mortgages 30-plus days delinquent is down 10.69%.
The company’s latest report assessing loan-level data on the performance of mortgage assets through the end of October shows the industry’s foreclosure inventory rate is down 29.61% from last year. Through the first 10 months of 2013, the foreclosure inventory rate has plummeted 26%. Delinquencies dropped 2.8% month-over-month in October to come in at a rate of 6.28%.
LPS says while that’s not as low as the delinquency rates recorded earlier this year—in August the rate was 6.20% and in May it settled in at 6.08%—it’s still headed in the right direction. Compared to last year, the rate of mortgages 30-plus days delinquent is down 10.69%.
Nationwide, there are 3,152,000 properties with mortgages 30 or more days past due; 1,283,000 of those are 90 or more days delinquent but not in foreclosure. Add to that the 1,276,000 loans that are part of the pre-sale foreclosure inventory, and there are 4,427,000 non-current home mortgages in the United States, by LPS’ assessment.
There are still great investment opportunities in the distressed resale market but they are just harder to come by these days. Advice is at a premium and the James Real Estate Group is uniquely qualified to give you that advice and guidance to help you make successful investments. Please feel free to contact us for more information regarding some of our exciting projects! Find us at www.jamesregroup.com and or email us at info@jamesregroup.com or call us at 206-300-2693. Thanks for reading.
There are still great investment opportunities in the distressed resale market but they are just harder to come by these days. Advice is at a premium and the James Real Estate Group is uniquely qualified to give you that advice and guidance to help you make successful investments. Please feel free to contact us for more information regarding some of our exciting projects! Find us at www.jamesregroup.com and or email us at info@jamesregroup.com or call us at 206-300-2693. Thanks for reading.
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