Although April historically has a high increase in loan delinquencies, this year there were fewer new problem loans during this traditionally problematic month [1]. According to a report released by Lender Processing Services (LPS), although April’s increase in delinquencies was, as predicted, the largest yet, the number of delinquencies was more than 25 percent less than was seen at peak in January 2010. Furthermore, new problem loans are currently at 1.28 percent, which is a three-year low, and foreclosure starts are down nearly 31 percent over March of this year.
Also of note are changes in foreclosure timelines. At the end of April, LPS showed that the average loan in foreclosure was 567 days past due – more than two years [2]. More than a third of loans in foreclosure have not made a payment in over two years.
Do you think that this massively extended foreclosure timeline is a problem?
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