14
Apr
Home Foreclosure Inventory @ Record Highs
home foreclosures
A new report by the Lenders Processing Service (LPS) indicates that foreclosures are on the rise. The foreclosure inventory has reached record highs in February. The rate was 3.31 percent. That is a 51.1 percent increase over the year earlier. Delinquencies are also on the rise. They found that number of delinquent loans was 21.3 percent higher than the same period last year. Furthermore, the percentage of new problem loans is also at its highest level in five years , the report stated Monday. More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.