Foreclosure Inventory Rises for Fifth Straight Month
Foreclosure Inventory Rises for Fifth Straight Month
Foreclosure Inventory Rises for Fifth Straight Month
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December 28 2010 (Jeff Alan)
foreclosure-drive-image
Lender Processing Services (LPD) has released it November Mortgage Monitor report and the news wasn’t good. Foreclosure inventories continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline.

The report revealed that that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.

Compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher, the inventory of Agency Prime loans is nearly six times higher, and the foreclosure inventory of Option ARM loans is approaching five times higher.

For the month of November, 261,153 loans were referred to foreclosure, a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages – and foreclosure inventory is currently at 7.7 times historical averages.

The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.

Other highlights of the report include:

Total U.S. loan delinquency rate: 9.02 percent

Total U.S. foreclosure inventory rate: 4.08 percent

Total U.S. combined foreclosure and delinquency loan rate: 13.10 percent

States with highest foreclosure and delinquency rates: Florida, Nevada, Mississippi, Georgia, New Jersey

States with lowest foreclosure and delinquency rates: North Dakota, South Dakota, Alaska, Wyoming, Montana

Analysts expect 2010 to be a record year for foreclosures despite the “robo-signing” mishap and many are predicting that 2011 will see more foreclosures than 2010 as a continuing stagnant economy, high unemployment, and declining home values will continue to weigh on the housing industry.

Tags: housing industry, foreclosures, jumbo loans, delinquent loans, home values, mortgage loans

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

December 28 2010 (Jeff Alan)
foreclosure-drive-image
Lender Processing Services (LPD) has released it November Mortgage Monitor report and the news wasn’t good. Foreclosure inventories continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline.

The report revealed that that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.

Compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher, the inventory of Agency Prime loans is nearly six times higher, and the foreclosure inventory of Option ARM loans is approaching five times higher.

For the month of November, 261,153 loans were referred to foreclosure, a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages – and foreclosure inventory is currently at 7.7 times historical averages.

The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.

Other highlights of the report include:

Total U.S. loan delinquency rate: 9.02 percent

Total U.S. foreclosure inventory rate: 4.08 percent

Total U.S. combined foreclosure and delinquency loan rate: 13.10 percent

States with highest foreclosure and delinquency rates: Florida, Nevada, Mississippi, Georgia, New Jersey

States with lowest foreclosure and delinquency rates: North Dakota, South Dakota, Alaska, Wyoming, Montana

Analysts expect 2010 to be a record year for foreclosures despite the “robo-signing” mishap and many are predicting that 2011 will see more foreclosures than 2010 as a continuing stagnant economy, high unemployment, and declining home values will continue to weigh on the housing industry.

Tags: housing industry, foreclosures, jumbo loans, delinquent loans, home values, mortgage loans

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

December 28 2010 (Jeff Alan)
foreclosure-drive-image
Lender Processing Services (LPD) has released it November Mortgage Monitor report and the news wasn’t good. Foreclosure inventories continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline.

The report revealed that that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.

Compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher, the inventory of Agency Prime loans is nearly six times higher, and the foreclosure inventory of Option ARM loans is approaching five times higher.

For the month of November, 261,153 loans were referred to foreclosure, a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages – and foreclosure inventory is currently at 7.7 times historical averages.

The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.

Other highlights of the report include:

Total U.S. loan delinquency rate: 9.02 percent

Total U.S. foreclosure inventory rate: 4.08 percent

Total U.S. combined foreclosure and delinquency loan rate: 13.10 percent

States with highest foreclosure and delinquency rates: Florida, Nevada, Mississippi, Georgia, New Jersey

States with lowest foreclosure and delinquency rates: North Dakota, South Dakota, Alaska, Wyoming, Montana

Analysts expect 2010 to be a record year for foreclosures despite the “robo-signing” mishap and many are predicting that 2011 will see more foreclosures than 2010 as a continuing stagnant economy, high unemployment, and declining home values will continue to weigh on the housing industry.

Tags: housing industry, foreclosures, jumbo loans, delinquent loans, home values, mortgage loans

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.