JACKSONVILLE, Fla., March 2, 2011 /PRNewswire/ -- The January Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that while foreclosure starts decreased in the first month of 2011, they still outnumber foreclosure sales by almost three to one. At the same time, repeat foreclosures – loans that had cured in one way or another, but have fallen back into foreclosure – now account for more than 35 percent of foreclosure starts. As of the end of January, foreclosure inventories stood at nearly eight times historical averages (and 25 times January 2011's level of foreclosure sales), with delinquencies more than double historical norms.
January's data also showed that the foreclosure process continues to drag out as the timelines for foreclosure starts, days in inventory and sales all continue to extend. Serious delinquencies continue to rise as well. Deterioration in the 90+-days delinquent category increased last month, for the first time since May 2010. The 90+ category has grown overall, with the largest increase in the 12+-month category as loans were removed from foreclosure. As of January 31, 2011, there are now more than 2.2 million loans 90 days or more delinquent but not yet in foreclosure, with more than 6.9 million loans in some stage of delinquency or foreclosure.
As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:
Total U.S. loan delinquency rate: 8.9 percent
Total U.S. foreclosure inventory rate: 4.16 percent
Total U.S. non-current* loan rate: 13.1 percent
States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey
States with fewest non-current* loans: Montana, Wyoming, Alaska, South Dakota, North Dakota
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Note: Totals based on LPS Applied Analytics' loan-level database of mortgage assets and are extrapolated to represent the industry.
About the Mortgage Monitor
LPS manages the nation's leading repository of loan-level residential mortgage data and performance information on nearly 40 million loans across the spectrum of credit products. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for LPS' monthly Mortgage Monitor Report.
To review the full report, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics, to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS' Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.