Foreclosure timelines continue to increase across the board - almost 40 percent of loans in foreclosure have not made a payment in two years, and 72 percent have not made a payment in a year or more. New problem loan rates increased sharply over the last two months, with 1.6 percent of loans that were current six months ago now 60 or more days delinquent or in foreclosure.Here are a few charts from LPS.
Click on any chart for a sharper image.
Over 4 Million Loans 90+ Days Delinquent or in Foreclosure
Delinquencies and Foreclosures
39% of Loans in Foreclosure Not Made Payment in 2 Years, 72% for 1 Year
Take a good look at that chart. There has not been a decrease in the no payment for over 2 years category ever. At the beginning of 2011 it was 28%. It is now 39%. At the beginning of 2010 it was 12%.
Foreclosure Starts Outnumber Sales by Factor Over 3:1
If things are improving, it's not by much.
Mike "Mish" Shedlock
Click Here To Scroll Thru My Recent Post List