Following three months of steady declines in late payments, early-stage residential delinquencies increased 36 basis points in September, according to data from Lender Processing Services Inc., Mortgage Daily reported Oct. 23.
The data showed that the percentage of home loans that were delinquent in September was 11.27 percent, a rate based on 5,640,000 mortgages in the foreclosure pre-sale inventory or at least 30 days past due. The percentage of delinquencies in August was 10.91 percent based on 5,450,000 overdue loans.
This recent peak, however, remained well below the 12.27 percent delinquency rate one year ago when 6,373,000 mortgages were delinquent.
States with the highest delinquency rates were Florida, Louisiana, Mississippi, New Jersey and Nevada. States with the lowest delinquency rates were Alaska, Montana, North Dakota, South Dakota and Wyoming.
September’s increased delinquency rate was concentrated in the 30-day category, excluding loans in foreclosure; the U.S. rate climbed 53 basis points from August to 7.40 percent. The 30-day rate had not increased since May, when it stood at 7.20 percent. A year ago, the 30-day rate was 8.09 percent.
September’s foreclosure pre-sale inventory rate fell 17 BPS from August to 3.87 percent. A year ago, the foreclosure rate was 4.18 percent.