BrokerageIndustry News

Loan delinquencies fall 14%

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The number of homeowners who were behind on their mortgages was dramatically lower in February than at the same time a year ago, but the number of homes in foreclosure edged up slightly, according to the latest analysis by mortgage loan data aggregator Lender Processing Services.Both the number of delinquent loans and homes in foreclosures edged down from January to February, a sign that the total number of non-current loans will continue to decline from a January 2010 peak.The total number of non-current loans -- delinquencies plus homes in foreclosure -- was down 14 percent from a year ago, to 6.85 million. The total number of delinquent mortgages fell 21 percent from a year ago, to 4.66 million, which should eventually help slow the flow of homes into the foreclosure pipeline.For now, the number of homes in foreclosure surged 4 percent in February compared to a year ago, to 2.19 million. Loans in foreclosure have been delinquent for a record 537 days, and 30 percent had not made a p...