The foreclosure rate continued to decrease in September, while the delinquency rate remained significantly lower compared to last year despite a month-over-month increase, according to data released by Lender Processing Services (LPS), a real estate technology provider.
The U.S. foreclosure presale inventory rate dropped 1.29 percent month over month in September and was down 32.18 percent year over year, LPS reported in its latest “First Look” Mortgage Report.
In all, 2.63 percent of all properties tracked by the firm, or nearly 1.33 million properties, were in the foreclosure presale inventory, according to LPS.
Meanwhile, the delinquency rate — the share of properties that are 30 days or more past due but not in foreclosure — edged up 4.23 percent in September to a rate of 6.46 percent, accounting for nearly 3.27 million properties, LPS said.
Despite the month over month increase, the delinquency rate was still down 12.63 percent on an annual basis, according to LPS.
LPS said a total of 4.593 million properties were either delinquent or in foreclosure.