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According to a recent report conducted by Lending Processing Services, the period of missed payments for mortgages on foreclosed homes reached a new record.
The company's analysis showed that, on average, homeowners whose properties hve become distressed are failing to make payments on their home loans for up to 599 days. Furthermore, the report revealed that of the close 1.9 million mortgages at least 90 days delinquent but not yet in foreclosure, while 42 percent of borrowers have failed to make a payment in more than a year. The average delinquency for this group is 397 days, according to the report, which represents a new record.
LPS' data also showed that first-time foreclosure stats reached three-year lows in June, while first-time delinquencies accounted for 25 percent of all payments past due.
The total amount of home loans at least 90 days past due reached 4.1 million by the end of June. The total is now two times greater than its level before the recession, while the number of foreclosures is eight times as much.
The national U.S. loan delinquency rate was 8.34 percent, while the volume grew 2.4 percent in June.
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