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After two months of increases during and following the Congressional debate over the federal deficit last June, mortgage delinquencies may have resumed their decline.

Mortgage Delinquencies Resume Decline

After two months of increases during and following the Congressional debate over the federal deficit last June, mortgage delinquencies may have resumed their decline.

Watched closely as an indicator of defaults and foreclosures, the August delinquency rate for loans 30 days or more past due but not in foreclosure fell 2.5 percent from July and now are 11.8 percent below the delinquency rate in August 2010, according to a “first look” at August 2011 month-end mortgage performance statistics derived from Lender Processing Services, Inc.’s loan-level database of nearly 40 million mortgage loans.

However, the foreclosure inventory remains higher than last year by 8.2 percent. It increased some 0.1 percent in August.

LPS reports the inventory of properties that are 30 or more days past due, but not in foreclosure is 4,249,000, but serious delinquencies- 90 or more days delinquent, but not in foreclosure-is considerably less, 1,866,000 properties. The total number of properties delinquent and in foreclosure is 6,397,000

States with highest percentage of non-current loans are Florida, Mississippi, Nevada, New Jersey and Illinois. States with the lowest percentage of non-current loans are Montana, Wyoming, Alaska, South Dakota and North Dakota.

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