Delinquencies fall at fastest rate in 11 years

As of the end of May, delinquencies had fallen at their fastest year-to-date rate in 11 years, plummeting by 15 percent since the start of 2013, Lender Processing Services (LPS) reported.

Overall, delinquencies stood 43 percent below their 2010 peak, LPS said in its latest Mortgage Monitor report.

The report also found that the number of underwater borrowers had dropped by 47 percent year over year in the first quarter of 2013, bringing the share of borrowers with negative equity down to 14.7 percent of all mortgages. Source: LPS