The November Mortgage Monitor report, released by Lender Processing Services, Inc., reveals a nationwide loan deterioration ratio higher than 3:1 – indicating that for every one loan improved, three more loans are deteriorating.
Foreclosure sales jumped in October, with the rate at 5.6 percent of foreclosures in inventory. The number of foreclosures on the market continues to stall as foreclosure timelines extend. Nearly 30 percent of properties that have been in foreclosure for 12 months have not yet been put on the market for sale – twice the level of the prior year. Foreclosure inventories continued to climb to record levels.
States with most non-current loans: Florida, Nevada, Mississippi, Arizona, Georgia, California, Michigan, Indiana, Ohio and Illinois.
Read more at: Real Estate Economy Watch
