More US Homes Set for Foreclosure
According to Lender Processing Services Inc. (LPS) a number of homes being foreclosed as lenders attempted to push 2.2 million properties to go through the foreclosure pipeline. Reports say that foreclosures are now more rampant compared to the same quarter of 2010.
In fact, Lender Processing Services says that foreclosures jumped to 5.7%. However, the report also indicated that in the long-term, things will be better for homeowners.
Hit by the European debt crisis among other market factors, a number of borrowers had no choice but to be behind on their loans. The good news is, the number of delinquents dropped 42.5% from the rather alarming 3.06 million recorded in the early quarter of 2010.
Experts say that compared to January of 2010, homeowners who are 30-days behind their loan payment dropped 7.4%, while 2-month delinquencies went down 11.8%.
According to reports, all types of delinquencies went down 13.6 percent. This is not the light at the end of the tunnel though, because the number of homes set to be foreclosed is still increasing. However, the numbers indicate that the increase is less than a percent.
Experts believe though, that 2010 and 2011 are still good years since they have the best-performing mortgages on record.
Related posts: