Industry NewsMortgage

Foreclosure backlog grows again in November

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The robo-signing controversy continues to slow the progress of homes through the foreclosure process and into lenders' real estate owned inventories, the latest numbers from mortgage-data aggregator Lender Processing Services show.A record 2.16 million first-lien mortgages were in some stage of the foreclosure process at the end of November, LPS said -- the fifth consecutive monthly increase.The backlog is growing in part because delinquent borrowers are still being referred for foreclosure, but the sale of foreclosure properties continued to decline, LPS said.LPS counted 261,153 foreclosure starts in November, about the same number in October and an 18.5 percent increase from a year ago. LPS said foreclosure sales and homes moving into REO inventories were down, but did not provide any figures. Meanwhile, LPS said, the number of homeowners who are delinquent on their loans but not yet in foreclosure continues to decline.Some 4.77 million homeowners were behind on their payments at the...