Mortgage Default Rate Spikes in June: LPS

July 25, 2013
The Street 
mortgage lending news

U.S. mortgage delinquencies have ended a five-month downward streak, jumping to a pace of 6.7 percent in June, reports Lender Processing Services. Last month's delinquency rate, up 10 percent from May, is the highest it has been since February. The foreclosure inventory rate, on the other hand, continues to decline, with home repossessions down 4 percent last month and 30 percent lower compared to a year ago. The volume is shrinking as banks increasingly favor short sales and loan workouts over foreclosure.
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