Foreclosure Starts Reach 2007 Levels, LPS Explains Rise in Delinquencies
In September, the nation’s delinquency rate suddenly spiked 7.7 percent from August, according to data from Lender Processing Services (LPS). The data provider explained the surge in its recent Mortgage Monitor report for September...
Herb Blecher, LPS Applied Analytics SVP, pointed to the bigger picture revealed in September’s data.
“September’s increase in the delinquency rate was indeed significant, but the overall trend is still one of improvement,” Blecher said. “Despite the monthly jump, delinquencies are down 30 percent from their January 2010 peak, and our analysis revealed some interesting factors related to the spike. Of course, one month’s data does not indicate a trend. We will be monitoring these factors over the coming months to see how the situation develops.”