State’s non-current loans still high
The latest Mortgage Monitor report released by Lender Processing Services Inc. shows that the total number of delinquent loans was 21.3 percent higher than the same period last year.
Although the data showed a small 1.45 percent seasonal decline in delinquencies from Jan. 2010 to Feb. 2010 month-end, the national delinquency rate still stood at 10.2 percent. The report is based on data as of Feb. 2010 month-end.
The nation’s foreclosure inventories reached record highs. February’s foreclosure rate of 3.31 percent represented a 51.1 percent year-over-year increase. The percentage of new problem loans also remains at a five-year high. The total number of non-current first-lien mortgages and REO properties is now more than 7.9 million loans. Furthermore, the percentage of new problem loans is also at its highest level in five years. More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.
As a result of the federal government’s Home Affordable Modification Program (HAMP), delinquent loans that were modified and that remained current through HAMP’s three-month trial period – called “cures-to-current” – have increased. Advanced delinquency rolls, however, remain elevated from a historical perspective.
Other key results from LPS’ latest Mortgage Monitor report include:
• Total U.S. loan delinquency rate — 10.2 percent
• Total U.S. foreclosure inventory rate — 3.3 percent
• Total U.S. non-current loan rate — 13.5 percent
• States with most non-current loans — Florida, Nevada, Arizona, Mississippi, California, New Jersey, Georgia, Illinois, Ohio and Indiana
States with fewest non-current loans — North Dakota, South Dakota, Alaska, Wyoming, Nebraska, Montana, Vermont, Colorado, Washington and Minnesota
To sign up for Mississippi Business Daily Updates, click here.
8 Responses to “State’s non-current loans still high”
Top Posts & Pages
- Alumni-couple donate $12.3M to Mississippi State
- IKE TROTTER: There are primary changes in Social Security for 2014
- Omega Protein shifting vessels to Mississippi
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Town given Obamacare insurance break, but faces additional costs in 2015
- Judge denies ex-mayor's motion to vacate Katrina-related conviction
- CARTOON — Nobile illustrates Thad Cochran's most significant advantage over the competition
- TRIP releases report on state's crumbling roads, bridges
- Butler Snow Advisory Services adds Jimmy Bailey
- Bankrupt Simply Wheelz chooses prevailing bidder for assets