Posted on 12/03/2009 8:20:30 AM PST by TigerLikesRooster
Mortgage Deterioration Ratio Climbs: LPS Report
12/02/2009
BY: CARRIE BAY
The nationwide loan deterioration ratio is higher than three to one, according to the latest mortgage market report from Lender Processing Services, Inc. (LPS). What this LPS indicator means is that for every one loan improved, three more loans are deteriorating.
The Florida-based company’s November Mortgage Monitor puts that number into perspective. Of home loans that were current as of December 2008, more than two million, or 4.02 percent, were delinquent or in foreclosure by the end of October 2009. LPS said high rates of deterioration are particularly evident in the Northeast and Northwest regions of the country. Thirty-one states now have non-current loan rates above 10 percent, which includes delinquencies plus foreclosures. These range from Missouri on the low-end of that spectrum, to as high as 22.7 percent in Florida, according to LPS’ analysis. The non-current loan rate for the entire United States comes in at 12.6 percent.
(Excerpt) Read more at dsnews.com ...
Ping!
An odd thing I have observed, on a street I travel regularly; three house are up for sale and all three at one time or the other has had sale pending signs on them. None of them has closed the sale.
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