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2010-09-24 22:48:25

Bring ‘Em On


Reader “positive” said that ‘ghostfaceinvestah’, an MBS-trader who comments on Calculated Risk, trusts that LPS accurately reports the mortgage delinquencies and defaults data (I had mentioned my skepticism – Mark E., what do you think about LPS?). 

I did email LPS this morning to inquire about getting delinquency counts by zip code, but no response yet.  I asked others the same question a few months ago, and corelogic wanted $25,000 per month, and Experian never responded.

If LPS is the best resource, let’s examine their latest report, as seen in the REC:

According to Jacksonville-based Lender Processing Services’ (NYSE: LPS) latest First Look Mortgage Report, mortgage performance statistics derived from their database of nearly 40 million mortgage loans showed an acceleration of U.S. home loan delinquencies entering the foreclosure process in August 2010.

“The fact that we’re seeing foreclosure inventories rising is more a factor of process than increasing deterioration,” explains Herb Blecher, Senior Vice President of LPS Applied Analytics, “Loans that have been delinquent for a historically long period of time are just now beginning to move through the pipeline. As of July 2010, the average length of time a loan in foreclosure had been delinquent was nearly 470 days.”

Blecher further commented, “Now, after the intensive efforts of the last year or two, remaining home retention options appear to be exhausted and servicers are beginning to process more of these seriously delinquent loans.”

Orlando Realtor Tonya Giddens commented, “Given this country’s continued high unemployment rates coupled with the growing number of strategic defaults by families in many U.S. cities with negative home equity, these growing foreclosure numbers don’t surprise me anymore.”

LPS Report Highlights:

  • Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 9.22%
  • Month-over-month change in delinquency rate:  -1.0%
  • Year-over-year change in delinquency rate:  -5.1%
  • Total U.S foreclosure pre-sale inventory rate:  3.80%
  • Month-over-month change in foreclosure presale inventory rate:  1.5%
  • Year-over-year change in foreclosure presale inventory rate:  4.9%
  • Number of properties that are 30 or more days past due, not in foreclosure: (A) 4,947,000
  • Number of properties that are 90 or more days delinquent, not in foreclosure: 2,374,000
  • Number of properties in foreclosure pre-sale inventory: (B) 2,038,000
  • Number of properties that are 30 or more days delinquent or in foreclosure:  (A+B) 6,985,000
  • States with highest percentage of non-current* loans: FL, NV, MS, GA, IL
  • States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.


As originally posted on - San Diego County Real Estate Housing Bubble Information Site.

Jim Klinge, AKA Jim the Realtor is the founder of the notorious Internet North San Diego real estate chronicle blog -  Jim Klinge is a real estate broker, a 26-year veteran of the business, and sells homes in the San Diego North County Coastal region.

Jim Klinge takes great pride in providing detailed and comprehensive opinions and advice about the North San Diego County marketplace – not from some ivory tower but from being actively engaged with buyers and sellers on a day-to-day basis.

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