Seriously delinquent mortgages, which include those that are 90 days overdue or in foreclosure, fell nearly 11 percent from a year ago, according to Lender Processing Services’ Mortgage Monitor report. Foreclosure starts fell 31 percent in April and were down 14.7 percent from last year. And though the foreclosure and seriously delinquent inventory remains bloated, total delinquencies were at 7.97 percent, which is down 16.3 percent from a year ago. The fact that 40 percent of delinquent mortgages have been delinquent for more than a year suggests that the foreclosure process is still being slowed, in part, by last fall’s moratorium. More here.
