The number of borrowers defaulting on their mortgages has dropped considerably compared to a year ago, according to Lender Processing Services’ “First Look” report, which analyzed nearly 40 million mortgages.
Nearly 8 percent of mortgages were 30 days past due–but not in foreclosure–in May, a significant difference compared to last year at that time. In May 2010, 18.3 percent of mortgages were 30 days past due.
Overall, about 4.2 million mortgages were delinquent in May, 1.9 million of which are 90 days or more past due, considered the most severe, according to LPS.
The following are the states with the highest percentage of non-current loans in May: Florida, Nevada, Mississippi, New Jersey, Illinois
Meanwhile, the states with the fewest number of defaulting home owners included Montana, Wyoming, andAlaska.
Source: “May Mortgage Delinquencies Down Substantially Compared to 2010: LPS,” HousingWire (June 21, 2011); Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee