Signs of Modest Improvement

From RealTrends.com: Modest improvements in the number of loans curing to current and reductions in total new delinquencies are still overshadowed by a large pool (7.39 million) of non-current and REO loans, according to The Mortgage Monitor report by Lender Processing Services Inc. The report is based on data as of March 2010 month-end.
Several of the nation’s largest states by population, including Florida, Nevada, New Jersey, Arizona, California, Illinois, Indiana and Ohio showed foreclosure inventories at a higher percentage than the average national foreclosure rate of 3.27 percent. Overall, the number of non-current loans across the nation has declined over the past six months, but 16 states showed an increase in the number of non-current loans. Total delinquencies, excluding foreclosures, decreased 10.3 percent from February to March 2010. However, the total represents a year-over-year increase of 15.7 percent.

Similarly, March’s foreclosure rate stands at 3.27 percent, representing a month-over-month decrease of 1.2 percent but a year-over-year increase of 32.9 percent. The number of loans moving from seriously delinquent into foreclosure rose in March, after hitting historic lows in February.To view the full report click here.