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Industry Data Shows 1,256,000 Loans in Foreclosure

dsnews.com | December 27, 2013

By Carrie Bay

The industry’s foreclosure inventory contracted again in November upon continued improvements on the housing and economic fronts. Although on a monthly basis, the inventory of homes in foreclosure fell slightly by 1.72 percent, year-over-year, it was down 28.81 percent, Lender Processing Services (LPS) reports.

The data and analytics firm released a preview of its November 2013 month-end mortgage performance statistics, showing there are now 1,256,000 mortgage loans in foreclosure, or 2.5 percent of all outstanding mortgages nationwide.

Delinquencies rose month-over-month by 2.63 percent but overall, the national delinquency rate has trended down this year. LPS says November’s delinquency rate of

6.45 percent (loans 30 or more days past due, but not in foreclosure) is 9.41 percent below November 2012 and represents a decline of just over 10 percent year-to-date.

The number of properties with mortgages 30 or more days past due but not in foreclosure tallied 3,241,000 as of November month-end. Of those, 1,283,000 were seriously delinquent, meaning 90 or more days past due but not yet in foreclosure.

Combining the number of delinquent loans and those that are part of the foreclosure inventory shows there are a total of 4,497,000 non-current home mortgages in the United States, according to LPS’ report.

In October, Mississippi overtook Florida to claim the top ranking spot in the nation in terms of non-current loans. Florida’s improvement continued into November, with New Jersey now unseating the Sunshine State for the No. 2 spot in the non-current loan rankings. New York and Louisiana round out the top five.

States with the lowest percentage of non-current loans in November, included Colorado, Montana, Alaska, South Dakota, and North Dakota.

LPS says it will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which is scheduled for release by January 13. Monthly results are derived from LPS’ loan-level database representing approximately 70 percent of the overall market.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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