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Foreclosures May Be At Their Peak

Mortgage News > Foreclosures May Be At Their Peak
Date: 06/03/2011    Foreclosures May Be At Their Peak

The percentage of Americans that are either delinquent or seriously delinquent on their loans has dropped compared to last years numbers at this time. 

LPS Applied Analytics, a firm that follows the mortgage market, released data Friday indicating that nearly 8% of home loans in the nation were “at least 30 days past due in April but not yet in foreclosure.”  Those numbers are half of what they were last year at this time.  Homeowners that are seriously delinquent, 90+ days late or currently in foreclosure, on their homes also make up roughly 8% of the nation’s loans and is down from 11% last year.

The current rate at which homes are coming into foreclosure will take about four years to absorb that kind of inventory.

LPS senior vice president Herb Blecher made the following analogy, "There's still a lot of water in the boat, but at least we've plugged some of the leaks. Now we can get to the business of bailing it out."

Evidence of some of those plugged leaks?  LPS data showed that less than 2% of all loans made in 2010 were delinquent after 12 payments. More than 6% of all loans made in 2007 and 2008 had gone delinquent.