LPS' May Mortgage Monitor Report: Increase in Rate of New Delinquencies; Decline in Number of Delinquent Loans Becoming Current
JACKSONVILLE, Fla., July 6 /PRNewswire-FirstCall/ -- The May Mortgage Monitor report released today by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, shows a 2.3 percent month-over-month increase in the nation's home loan delinquency rate to 9.2 percent in May 2010, and that early-stage delinquencies are increasing as normal seasonal improvements taper off. This report includes data as of May 31, 2010.
According to the Mortgage Monitor report, the percentage of mortgage loans in default beyond 90 days increased slightly, while both delinquency and foreclosure rates continue to remain relatively stable at historically high levels. There are currently more than 7.3 million loans currently in some stage of delinquency or REO.
The report also shows that the average number of days for a loan to move from 30-days delinquent to foreclosure sale continues to increase, and is now at an all-time high of 449 days, resulting in an increase in "shadow" foreclosure inventory.
After a two-month decline, deterioration ratios increased, with 2.5 loans rolling to a "worse" status for every one that has improved. The number of delinquent loans that "cured" to a current status declined for every stage of delinquency, except in the "greater than six months delinquent" category. This improvement was likely the result of trial modifications made through the Home Affordable Modification Program (HAMP) that transitioned into permanent status.
Other key results from LPS' latest Mortgage Monitor report include:
Total U.S. loan delinquency rate:
9.20 percent
Total U.S. foreclosure inventory rate:
3.18 percent
Total U.S. non-current* loan rate:
12.38 percent
States with most non-current* loans:
Florida,
Nevada,
Mississippi,
Georgia,
Arizona,
California,
Illinois,
New Jersey,
Ohio
and Indiana
States with the fewest non-current* loans:
North Dakota,
South Dakota,
Wyoming,
Alaska,
Montana,
Nebraska,
Vermont,
Colorado,
Iowa
and Minnesota
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Note: Totals based on LPS Applied Analytics' loan-level database of mortgage assets.
LPS manages the nation's leading repository of loan-level residential mortgage data and performance information from nearly 40 million loans across the spectrum of credit products. The company's research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS' monthly Mortgage Monitor Report.
To review the full report, listen to a presentation of the report and access an executive summary of the report, visit lpsvcs.com.
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Florida,
Nevada,
Mississippi,
Georgia,
Arizona,
California,
Illinois,
New Jersey,
Ohio
and Indiana
Rank_xx State_x UNEmp% #Mort# NE#Mort# PE#Mort# %NE% Avg_M$ $Prop-$Mort MPRatio
1 Nevada_x 14.0 604,665 393,112 211,553 65.0 219,350 ($15,864,577,219) 114.00%
2 Arizona 9.6 1,368,572 655,540 713,032 47.9 190,659 $26,753,945,273 91.00%
3 Florida 11.7 4,561,689 2,038,063 2,523,626 44.7 173,785 $113,470,209,693 87.00%
4 Michigan 13.6 1,374,458 513,278 861,180 37.3 124,345 $32,867,033,302 84.00%
5 California 12.4 6,934,505 2,407,889 4,526,616 34.7 301,098 $810,404,039,649 72.00%
6 Georgia 10.2 1,573,628 376,954 1,196,674 24.0 161,142 $72,688,049,523 78.00%
7 Virginia 7.1 1,235,727 294,008 941,719 23.8 240,684 $119,749,762,835 71.00%
8 Maryland 7.2 1,360,048 292,820 1,067,228 21.5 221,510 $140,069,926,475 68.00%
9 Ohio_xxx 10.7 2,203,538 442,000 1,761,538 20.1 110,367 $82,617,002,776 75.00%
10 Idaho_xxx 9.0 236,557 46,567 189,990 19.7 147,817 $16,008,823,529 69.00%
11 Colorado 8.0 1,126,882 214,436 912,446 19.0 195,174 $87,480,986,096 72.00%
12 New Hamp 6.4 204,322 37,793 166,529 18.5 168,713 $15,902,155,455 68.00%
13 Illinois 10.8 2,226,172 409,804 1,816,368 18.4 172,412 $164,618,344,143 70.00%
14 Utah_xxx 7.3 470,227 86,024 384,203 18.3 180,139 $34,580,896,926 71.00%
15 RhodIsld 12.3 224,650 36,439 188,211 16.2 154,200 $29,389,266,786 54.00%
16 WashinDC 10.4 100,050 15,899 84,151 15.9 287,766 $19,651,778,498 59.00%
17 Massachu 9.2 1,480,209 231,223 1,248,986 15.6 219,844 $213,211,231,057 60.00%
18 Minnesota 7.0 517,203 80,227 436,976 15.5 145,919 $44,270,703,003 63.00%
19 New Jersey 9.7 1,886,961 290,838 1,596,123 15.4 223,239 $263,292,114,448 62.00%
20 Washington 9.1 1,402,209 199,905 1,202,304 14.3 210,723 $155,612,289,578 66.00%
21 Wisconsin 8.2 568,529 80,497 488,032 14.2 130,340 $36,904,784,980 67.00%
22 Delaware 8.8 173,996 24,365 149,631 14.0 178,232 $14,597,984,192 68.00%
23 Oregon_x 10.6 698,525 97,186 601,339 13.9 179,477 $62,822,700,362 67.00%
24 Missouri 9.3 769,582 105,837 663,745 13.8 127,341 $42,249,480,238 70.00%
25 Tennessee 10.4 932,765 123,383 809,382 13.2 122,490 $48,698,384,523 70.00%
26 South Caro 11.0 569,567 68,238 501,329 12.0 155,807 $41,256,145,022 68.00%
27 Arkansas 7.7 230,402 26,097 204,305 11.3 114,738 $9,549,913,620 73.00%
28 New Mexi 8.4 226,922 25,089 201,833 11.1 155,048 $18,954,893,121 65.00%
29 Texas_xx 8.3 3,168,016 348,208 2,819,808 11.0 126,422 $180,433,964,328 69.00%
30 Connecticut 8.9 804,690 85,744 718,946 10.7 207,914 $125,191,119,356 57.00%
31 Kansas_xx 6.5 286,387 29,824 256,563 10.4 127,637 $15,924,565,399 70.00%
32 Alaska_x 8.3 84,726 8,651 76,075 10.2 178,451 $7,461,552,041 67.00%
33 Nebraska 4.9 217,399 20,341 197,058 9.4 115,812 $9,860,681,423 72.00%
34 Iowa_xxx 6.8 305,535 28,534 277,001 9.3 99,542 $15,585,578,037 66.00%
35 Kentucky 10.4 262,287 24,089 238,198 9.2 114,062 $14,875,320,146 67.00%
36 North Carol 10.3 1,456,128 130,587 1,325,541 9.0 147,779 $95,881,445,711 69.00%
37 Indiana 10.0 557,538 49,836 507,702 8.9 104,559 $28,927,058,985 67.00%
38 NorthDak 3.6 40,694 3,502 37,192 8.6 101,348 $2,620,805,349 61.00%
39 Hawaii_xx 6.6 229,572 18,926 210,646 8.2 284,100 $60,357,525,066 52.00%
40 Pennsylva 9.1 1,765,129 131,878 1,633,251 7.5 138,248 $153,176,623,917 61.00%
41 Alabama 10.8 323,363 23,950 299,413 7.4 127,000 $23,144,883,447 64.00%
42 Montana 7.2 103,283 6,622 96,661 6.4 147,072 $12,588,252,467 55.00%
43 New York 8.3 1,798,647 111,219 1,687,428 6.2 219,985 $414,001,096,554 49.00%
44 Oklahoma 6.7 394,881 24,247 370,634 6.1 103,140 $17,444,615,134 70.00%
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