Foreclosure Sales Rose 17 Percent in April

June 7, 2013
American Banker 
mortgage lending news

The U.S. foreclosure sale rate rose 17 percent in April, according to Lender Processing Services. The rate was 3 percent of the total foreclosure supply in states with judicial foreclosure review and 6.9 percent in states with nonjudicial review. The rates have reached their highest level in nearly three years, following a period in which banks suspended foreclosures to deal with legal disputes and mandatory reviews. LPS also reports the average loan in foreclosure had been delinquent for 33.3 months in states with judicial foreclosure and 20.5 months in non-judicial states compared to 19.4 percent months and 13.1 months, respectively, in January 2010. Moreover, the national foreclosure inventory contracted to 3.2 percent, but the rate was 5.3 percent in judicial states and 1.6 percent in nonjudicial states. Inventories have ballooned 458 percent since January 2005.
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