LPS Mortgage Monitor Report Shows Loans 90+ Days Delinquent and in Foreclosure Outnumber Foreclosure Sales 50:1
JACKSONVILLE, Fla., June 29, 2011 /PRNewswire/ — The May Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that the number of mortgages that are 90 or more days delinquent, combined with the foreclosure inventory at the end of May, totaled 4,084,557. With foreclosure sales at 78,676 at month end, the volume of serious delinquencies and foreclosures over-shadowed the number of foreclosure sales by 50:1. In fact, there are still significantly fewer foreclosure sales than there were before foreclosure moratoria were put into place, and foreclosure sales are declining.
The May data shows that the biggest drop in foreclosure sales has been seen in East Coast states, with a decline of 96% in DC, 80% in Maryland, 79% in New York, and 75% in New Jersey. Additionally, inventories of foreclosures in judicial states have increased twice as much as inventories in non-judicial states over the last year. The average time spent in foreclosure continues to extend, with more than 33% of borrowers in foreclosure not having made a payment in over two years.
New problem loans, defined as loans that were current six months ago and were 60 or more days delinquent at the end of May, are now less than half the peak levels seen in 2009, and are currently at 1.27%. Overall, when compared to historical norms, delinquencies are almost double and foreclosures are eight times higher.
Negative equity also remains a concern, with nearly 30% of current loans in a negative equity position. The equity impact on new seriously delinquent loans is significant, with loans significantly under-water defaulting up to 10 times as much as loans with equity.
As reported in LPS’ latest First Look release, other key results from LPS’ latest Mortgage Monitor report include:
- Total U.S. loan delinquency rate: 7.96%
- Month-over-month change in delinquency rate: -0.1%
- Year-over-year change in delinquency rate: -18.3%
- Total U.S. foreclosure pre-sale inventory rate: 4.11%
- Month-over-month change in foreclosure pre-sale inventory rate: -0.7%
About the Mortgage Monitor
LPS manages the nation’s leading repository of loan-level residential mortgage data and performance information on nearly 40 million first liens across the spectrum of credit products. The company’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report. To review the full report, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics, to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.
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I wonder what the real statistics on fraudclosures are? They are keeping that a secret. Everytime I go to court I am stunned at the piles of fraudclosures being read off like it is NO BIG DEAL. It looks like LAMBS BEING LEAD TO THE SLAUGHTER!!!! People don’t fight back. For the love of God, people do not realize what this is?. THIS IS STRATEGIC NAZI CLASSWARFARE……. My God, more people need to know what is going on in courtrooms across this country everyday!!! THIS IS A SILENT MASS SLAUGHTER OF THE MIDDLE CLASS!!!!!!!
Anything LPS touches or has touched should be viewed with deep suspicion.
I doubt the numbers being reported can be verified. The numbers are probaby’
much worse than being put into print.
Really? Who would believe ANYTHING that LPS states? Anything LPS-related is GIGO (garbage in, garbage out).
Holy cow, anyone who wants to get a bead on LPS’s probity needs to go on scribd.com and read some of the In Re Wilson material. The US Bankruptcy Court in the Eastern District of Louisiana is about to slam dunk LPS, and it can’t happen too soon.
If their lips are moving at LPS, they are LYING.
I agree with you, LPS’ total DEMISE and ANNIHILATION cannot happen soon enough.
They are working very hard to extend and pretend, and thus far have been fairly successful. I don’t think LPS will ultimately survive but when the fall will come is another matter. Certainly being sanctioned in the In Re wilson case willhave an impact, but that also depends on how severely Judge Magner sanctions them.
Some IMF baffoon, who appears to be an AMERICAN TRAITOR, was on Bloomberg this morning talking about how the problems with Foreclosures need to be “fixed.”. The IMF should stay the EFF out of it. OR WE WILL SUE THEM FOR FRAUD TOO. THE IMF IS THE NEW WORLD ORDER AND THEY OWN FANNIE MAE AND FREDDIE MAC AND THEY CA– USED THIS FINANCIAL CRISIS AND IT WAS INTENTIONAL. THEY ARE WHO SENT OUR JOBS OVERSEAS AND THEY WANT TO BANKRUPT AMERICA, STEAL OUR HOMES THEY DO NOT OWN AND DESTROY OUR NATIONAL SOVEREIGNTY. THE IMF RANG AMERICA UP ON UNCLE SAMS CREDIT CARD!!!!!! THE AMERICAN PEOPLE NEED TO STOP PAYING THE UNSECURED DEBT, CREATED BY THE SAME IMF CROOKS WHO SET US UP TO FAIL AND ROBBED US IN THE BIGGEST PONZI SCHEME SWINDLE AND HEIST IN HISTORY. STOP USING THEIR FDIC INSURED BANKS. STOP SUPPORTING THE FOREIGN MULTINATIONAL TERRORISTS WHO ROBBED AMERICA BLIND!!!
LPS stock cratered near a 5 YEAR LOW last week.
Since then LPS stock has been unable to climb out of the ditch, largely due to the spectre of ongoing fraud investigations.
So what do you do if you’re LPS??
Put a “happy face ” on it and spew out some potential new market numbers to the tune of 4 MILLION new foreclosures just waiting in the wings for the “services” of LPS
Yup…that ought to soothe the nerves of the stock holders for awhile….sure….
The *smart* money is shorting these buffoons already.
You are so right! Well put. Love the “happy face” part.