Delinquency rate falls to lowest level in 5 years

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Highlighting a sustained housing recovery, the delinquency rate in May dropped to its lowest level since May 2008, while the foreclosure rate fell to its lowest point since March 2009, according to Lender Processing Services (LPS).

The share of loans that were 30 days or more past due but not in foreclosure in May was nearly 6.1 percent, representing just over 3 million properties, LPS reported.

In May, that inventory was down 12 percent year over year, and 2.1 percent month over month, LPS said.

The number of properties in the foreclosure presale inventory in May totaled 1.5 million, down nearly 27 percent from last year and 3.9 percent compared to April, LPS reported.

The foreclosure presale inventory represented 3 percent of all U.S. properties in May, according to LPS.

LPS said that in May a total of approximately 4.6 million borrowers were late on their mortgage payments by 30 days or more or in foreclosure. Source: LPS