LPS: Mortgage Delinquency Rate increases in June

According to the First Look report for June to be released today by Lender Processing Services (LPS), the percent of loans delinquent increased in June compared to May, and declined about 8% year-over-year. Also the percent of loans in the foreclosure process declined further in June and were down 29%% over the last year.

LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) increased to 6.68% from 6.08% in May. Note: Some of the increase in short term delinquencies in June is seasonal, although the uptick this year was larger than normal.   The normal rate for delinquencies is around 4.5% to 5%.

The percent of loans in the foreclosure process declined to 2.93% in June from 3.05% in May. 

The number of delinquent properties, but not in foreclosure, is down about 8% year-over-year (274,000 fewer properties delinquent), and the number of properties in the foreclosure process is down 29% or 903,000 properties year-over-year.

LPS will release the complete mortgage monitor for June in early August.

LPS: Percent Loans Delinquent and in Foreclosure Process
	June 2013	May 2013	June 2012
Delinquent	6.68%	6.08%	7.14%
In Foreclosure	2.93%	3.05%	4.09%
Number of properties:
Number of properties that are 30 or more, and less than 90 days past due, but not in foreclosure:	1,983,000	1,708,000	2,012,000
Number of properties that are 90 or more days delinquent, but not in foreclosure:	1,345,000	1,335,000	1,590,000
Number of properties in foreclosure pre-sale inventory:	1,458,000	1,525,000	2,061,000
Total Properties	4,785,000	4,569,000	5,663,000