Both stats did a complete u-turn from the trajectory they were on the prior month. AtÂ March month-end,Â LPSÂ reported a sharp drop in delinquencies and a smaller, but notable increase in the foreclosure inventory.
Based on performance analysis conducted on its loan-level database of nearly 40 million mortgage loans,Â LPSÂ says the ratio of mortgages 30 or more days past due but not yet in
foreclosure rose to 7.97 percent in April, an increase of 2.4 percent from March. That follows a 12 percent decline between February and March.
For April, the nationâ€™s foreclosure inventory â€“ whichÂ LPSdefines as past dues that have been referred to an attorney but have not yet reached the final stage of foreclosure sale â€“ dropped to 4.14 percent, down 1.6 percent from March. Pre-sale foreclosures between February and March had risen 1.4 percent.
Altogether,Â LPSÂ says there were 6,388,000 mortgages 30 or more days delinquent or in foreclosure as of the end of April. Thatâ€™s up from 6,333,000 at the end of March.
At April month-end 2,184,000 properties were in the midst of the foreclosure process, and 4,204,000 were at least one payment overdue but not yet referred to a foreclosure attorney. Of the latter, 1,961,000 were 90 or more days delinquent.
According to LPSâ€™ analysis, the states with highest percentage of non-current loans â€“ which combines foreclosures and delinquencies â€“ are Florida, Nevada, Mississippi, New Jersey, and Georgia.
States with the lowest percentage of non-current loans include Montana, Wyoming, Alaska, South Dakota, and North Dakota.