LPS’ Mortgage Monitor Report Shows Enormous Backlog of Foreclosures; Option ARM Foreclosure Rate Higher Than Subprime Foreclosures Ever Reached
From the report…
JACKSONVILLE, Fla. – March 28, 2011 -The February Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that while delinquencies continue to decline, an enormous backlog of foreclosures still exists with overhang at every level. As of the end of February, foreclosure inventory levels stand at more than 30 times monthly foreclosure sales volume, indicating this backlog will continue for quite some time. Ultimately, these foreclosures will most likely reenter the market as REO properties, putting even more downward pressure on U.S. home values.
February’s data also showed a 23 percent increase in Option ARM foreclosures over the last six months, far more than any other product type. In terms of absolute numbers, Option ARM foreclosures stand at 18.8 percent, a higher level than Subprime foreclosures ever reached. In addition, deterioration continues in the Non-Agency Prime segment. Both Jumbo and Conforming Non-Agency Prime loans showed increases in foreclosures and were the only product areas with increases in delinquencies.
The data also showed that banks’ modification efforts have begun to pay off, as 22 percent of loans that were 90+ days delinquent 12 months ago are now current. Timelines continue to extend, with the average U.S. loan in foreclosure now having been delinquent for a record 537 days, and a full 30 percent of loans in foreclosure have not made a payment in over two years.
As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:
Total U.S. loan delinquency rate: 8.8 percent
Total U.S. foreclosure inventory rate: 4.15 percent
Total U.S. non-current inventory: 6,856,000
States with most non-current* loans: Florida, Nevada, Mississippi, New Jersey, Georgia
States with fewest non-current* loans: Montana, Wyoming, Alaska, South Dakota, North Dakota
Party on…
Full report below…
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4closureFraud.org
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LPS Mortgage Monitor February 2011
sorry- typo– USCB NO LONGER THIS PERSON AS UNEMPLOYED
should read
USCB NO LONGER COUNTS THIS PERSON AS UNEMPLOYED so NOW HE MUST HAVE A JOB yes??!!
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!
OH I see
re- The U.S. Census Bureau.. using a data model of 1950.. housing. employment, welfare, ethnic or foreign / domestic population totals… MORE MASS manipulation ..example… USCB employment # count unemployed receiving unemployment insurance benefits [ these benefits average or runout after aprox 6 month [ this ^ months is my guess just to make this point ] as unemployed till the benefits end @ which time , although this person is still not working , the USCB NO LONGER THIS PERSON AS UNEMPLOYED!!! WTF..
I ask you why listen to them?? NO DO NOT.
why would anyone actually give ANY creditability to LPS data… because its the de-facto housing survey source or just lack of another PUPPET MSM tool has not been CONceived to create , capture, direct the spin???
LPS’S role in mass manipulation has been demonstrated , listening to them, well this is just stupid, much as the meatheads that direct the circus of banking freaks! fukLPS…i think i’m gonna hurl
The U.S. Census Bureau announced that 11 percent of all U.S. residences are now empty, that’s an astounding 18.4 million homes, and projections show another three million more in the foreclosure pipeline between now and Dec. 2012. This enormous backlog of unsold properties will take years to unload while the relentless surge of empty units steadily drives down the value of all homes, pushes more borrowers underwater, keeps homebuilders from starting new projects, and qualified buyers still waiting until values “hit bottom.”
The only answer is to force lenders to modify upside-down mortgages back to current market values — allowing homeowners to remain in their homes making payments they can afford while rebuilding their equity. This will slow the overwhelming onslaught of foreclosures, reduce the flood of empty homes onto the market, keep neighborhoods from deteriorating any further, and offer some hope that real estate will one day recover. Without this approach the downward death spiral will continue and the nation will not see an economic turnaround in the foreseeable future.
Sorry jstick, I will settle for no less than a full recission. These loans were fraudulent from day 1 and my title proves I am correct as there is no origination of a loan and there has never been a mortgage assignment in 14 years which proves no loan ever existed. That as well as their complete failure to publicly record gives me FREE HO– USE and a gives the PERPS NADA.
I Vent I like the fact that you are always talking about rescission and that is exactly what everybody deserves specially after all of these frauds, the problem is how to achieve them
I Vent, I have stopped paying my mortgage………. I CAN afford to pay! Why????? If we refuse to pay our mortgages and UNITE……. we can break the crooked machine that will not run empty until the cash flow stops. Then, guess what? They all go broke! The value of our houses will drop back to 1987 levels! Do we remember those prices? Housing was cheaper and……….will be a bargain “flea market” before long. My point is…….I will not pay or negotiate with these bankster criminals. I will sue and countersue until they physically TOSS ME OUT! Then I will pay cash at the reduced prices for a new home. WE SHOULD ALL DO THIS. THEN WE ALL WIN AS HOMEOWNERS UNITED AND TOGETHER! Come on people, nobody in power is listening. It is TIME TO ACT!!
You are right acmodspecialist. These are clearly criminal cases that need to prosecuted criminally. Maybe our local States Attorneys offices need to be getting more involved more but as in everything to do with Foreclosuregate there seems to be a clear conflict of interest because of the Government’s involvement in the Ponzi Scheme, If we can get no satisfaction or justice in the lower courts the people need a ruling from the highest court in the land, the U.S. Supreme Court. The private foreclosure defense attorneys do not seem to want to step on the man’s toes and want all of us to fight pro se. Has anyone here tried to hire a criminal attorney to go after the fraudsters in the appellate courts? The conflict of interest by the Government’s involvement is preventing justice for the VICTIMS. Our U.S. CONSTITUTION and Bill of Rights protects us from a tyrannical Government that oppresses it’s own people. This whole PONZI SCHEME reeks of UNCONSTITUTIONALITY because of the Governments involvement in the scheme. I think we need a ruling from the highest court in the land. There are too many dirty little Government fingers in this and this has created a completely corrupt and unjust judiciary..There are many brilliant lawyers that are experts on Constitutional Law in this country, and they should really come to the forefront to help the people fight this tyranny. There has to be a way this can be done. If attorneys can fight Walmart for treating employees unfairly then they can find a way to fight for all of us homeowners fighting fraudclosure in America who have alot more at stake like our Property Rights. The entire American way of life is at stake because hiding behind the scenes of this is a diabolical foreign interest who has infiltrated and corrupted everything and wants to bankrupt America and destroy our Property Rights and our National Sovereignty. They want to own us. This is why we have a U.S. CONSTITUTION and a BILL OF RIGHTS that protect us from the tyrants.NOTHING OVERRULES OUR U.S. CONSTITUTION AND OUR BILL OF RIGHTS. Our forefathers knew what secret societies, greed and corruption could do to our nation and its people. We The People must demand our rights be upheld. This is our country no matter how much they lie and tell us otherwise.
I get your point housemanrob but I was swindled into default by my mortgage servicer and that was intentional. The same cabal set me up to fail all over again. Now I am pissed. Behind this whole Ponzi Scheme Swindle is the GSE FANNIE/FREDDIE. The FBI told me they are to blame for all of this. They clearly violated OUR CONSTITUTIONAL RIGHTS and broke CONSTITUTIONAL LAW. The SHADOW GOVERNMENT, THE UN/NEW WORLD ORDER want us to own nothing but debt and they are trampling over all of OUR U.S. CONSTITUTIONAL RIGHTS and our PROPERTY RIGHTS. They are testing all of us by pissing and shitting all over WE THE PEOPLE AND OUR CONSTITUTION. THEY ALSO FULLY INTEND TO BANKRUPT THE USA via the FEDERAL RESERVE AND WALL STREET. If we just accept this, we are giving up OUR RIGHT to OWN ANY PROPERTY in America and also our NATIONAL SOVEREIGNTY IS AT STAKE. The swindling and fleecing of the American people has to be stopped now, no one is safe and everyone should know they could be SWINDLED OUT OF THEIR HOMES AT ANY TIME. THAT IS UNCONSTITUTIONAL AND BEYOND COMPREHENSION AND COMPLETELY REVOLTING and REPREHENSIBLE THAT IN THE UNITED STATES OF AMERICA THIS IS EVEN POSSIBLE..
I Vent, I don’t want to sound pessimistic, but the supreme court voted and came out with the citizens united decision which is: Citizens United allowed corporations to spend unlimited amounts on campaigns as long as it is done independent of candidates. So I’m sorry but i don’t trust our supreme court much either
housemanrob my point is FRAUDCLOSURES are UNCONSTITUTIONAL because we are being fraudclosed on by FOREIGNERS POSING AS AMERICANS. THIS IS COMPLETE TREASON and UNCONSTITUTIONAL FOR OUR OWN GOVERMENT TO ALLOW THIS.
I Vent, You should know by now that I agree with you. Criminal rico acts by these banks and ALL THE LAWYERS LINING THEIR FORECLOSURE POCKETS and the obvious complicity of the courts, easily indicates “A GIANT CONSPIRACY AGAINST THE AMERICAN PEOPLE, INDICATING AN OBVIOUS ATTEMPT TO RUIN US FINANCIALLY FORE TO THEM WE ARE PEASENTS.” I will fight to the last breath and then before they bring me to summary judgment, I will file suit in federal court for my home and treble damages. My point? If we all fight for OURSELVES……AND EACH OTHER…… WE WILL WIN and maybe restore the integrity of our completely broken govt. I’m like you……….EXTREMELY PATRIOTIC AND RADICALLY PISSED OFF! TIME TO FIGHT!!! GOD BLESS!
Yeah jstick, Real Estate will recover……………..long after I am DEAD!!!
This puppy is the one I feel will really blow the whole corrupt ball of crap to hell. The last chart that I looked at, OPT-ARM were figured to be between 3-5 times the size of sub prime, with the run up in OPT-ARM defaults/foreclosures already 300% over sub primes at the same point in time on the graph. And this was well over a year ago , when OPT-ARM’s wouldn’t start to reset in till May 2011, now just around the corner.
Can you say: “THE MOTHER OF ALL BAILOUTS?”
Should be interesting to watch the spin and b.s. that’s going to get shoveled when congress passes this one.
Their standard lies will have to be ramped up to warp speed 10.
Just thinking of all those bought-and-paid-for parasites (that’s elected “servants” for the gullible) having to explain where the campaign platform of FISCAL RESPONSIBILITY, went to, is bringing a smile to my face even now!
Should be quite a circus!
Oh! And the banksters will still get their “too big to fail” bailout!
Again!
F-L-O-R-I-D-A , we’re number 1 ,, we’re number 1 ,, we’re number 1