by Calculated Risk on 8/31/2012 03:54:00 PM

LPS released their First Look report for July this week. LPS reported that the percent of loans delinquent decreased in July from June.

LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) decreased in July to 7.03% from 7.14% in June. The percent of delinquent loans is still significantly above the normal rate of around 4.5% to 5%. The percent of delinquent loans peaked at 10.57%, so delinquencies have fallen over half way back to normal.

The following table shows the LPS numbers for July 2012, and also for last month (June 2012) and one year ago (July 2011).

LPS: Percent Loans Delinquent and in Foreclosure Process
	July 2012	June 2012	July 2011
Delinquent	7.03%	7.14%	7.90%
In Foreclosure	4.08%	4.09%	4.12%
Number of loans:
Loans Less Than 90 Days	1,960,000	2,012,000	NA
Loans 90 Days or more	1,560,000	1,590,000	NA
Loans In Foreclosure	2,042,000	2,061,000	NA
Total	​5,562,000	5,663,000	NA

The total number of delinquent loans, and in foreclosure, dropped about 100 thousand in July from June.

The percent of loans less than 90 days delinquent is close to normal, but the percent (and number) of loans 90+ days delinquent and in the foreclosure process are still very high.