After suddenly jumping 7.7 percent in September, the nation’s delinquency rate fell in October, according to “first look” data from Lender Processing Services (LPS).
The delinquency rate stood at 7.03 percent in October, a decrease of 4.91 percent from September and 7.19 percent from last year. Historically, LPS says the delinquency rate is actually expected to tick up in October due to seasonal effects.
Overall, the number of properties 30 days or more past due or in foreclosure numbered 5.3 million. Of that total, 3.5 million are 30 days or more past due but not in foreclosure, while 1.8 million remain in pre-sale foreclosure inventory. Of the properties that are past due but not in foreclosure, 1.5 million are seriously delinquent or 90 days or more past due.
Foreclosure inventory continued to diminish in October, with the foreclosure presale inventory rate at 3.61 percent, down 6.77 percent from September and 15.99 percent from last year.
The states that held the highest percentage of delinquencies and foreclosures were Florida, Mississippi, New Jersey, Nevada, and New York. The states with smallest share of unpaid loans were Montana, Wyoming, South Dakota, Alaska, and North Dakota.
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