Article

Just The Facts, Ma'am

You knew it was bad. But did you know just how bad?

As of June 30th, the data from the Lender Processing Services Mortgage Monitor Report shows the numbers behind the misery:

1) The number of mortgages that are 90 days or more delinquent, combined with the foreclosure inventory at the end of May, totaled 4,084,557!

2) The number of foreclosure sales reached 78,600 at the end of June.

3) In fact, LPS stated that there are "still significantly fewer foreclosure sales" than earlier this year, or last year, and the numbers are actually declining! That means more foreclosure market glut.

4) The May data shows the biggest drop in foreclosure sales is in the East Coast states, with a decline of 96 percent in Washington, D.C., 80 percent in Maryland, 79 percent in New York, and 75 percent in New Jersey.

5) The average time spent in foreclosure continues to extend, with more than 33 percent of borrowers in foreclosure not having made a payment in over two years.

6) Nearly 30% of "current loans" - those not in foreclosure - are "under water", i.e., the mortgage is higher than the value of the collateral property.

7) The loan delinquency rate for the entire country is nearing 8%!

8) Many Americans are just one uninsured illness or one job loss away from losing their homes.

For more details, click here:
http://www.lpsvcs.com/LPSCorporateInformation/NewsRoom/Pages/20110621.aspx