As it does each month, lender Processing Services (LPS) has released preliminary data from its forthcoming Mortgage Monitor report. The early data shows a spike in the delinquent loan rate in September compared to August but a continuing decline in the foreclosure inventory.
Mortgages that were 30 or more days past due but not yet in foreclosure rose 7.72 percent in September to a rate of 7.40 percent of all loans in the country with an outstanding mortgage. Even with the increase, however the delinquency rate is still down 4.19 percent from the rate one year earlier. There are now 3.7 million loans that are 30 days or more delinquent and 1.57 million or those loans are over 90 days delinquent but not in foreclosure.
The foreclosure inventory - the percent of loans that are in some process of foreclosure - fell another 4.05 percent during the month to a 3.87 percent rate, an annual decline of 7.37 percent. There are 1.94 million properties in the pre-sale foreclosure inventory. Delinquent loans both in and out of foreclosure now number 5.64 million nationwide.
LPS figures are derived from its loan-level database representing about 70 percent of mortgage loans. The complete September Mortgage Monitor report will be issued on or before November 2.