When are we going to get over the mortgage mess left over from the 2004-2007 mess?  I don’t know but here are some of the latest data from the January 2010 Mortgage Monitor Report by Lender Processing Services.

The Mortgage Monitor report  indicates that 2009 vintage loans are performing better than loans from any of the prior five years and have been steadily improving as more origination months are added to the pool of loans. This improvement is attributed to more restrictive underwriting guidelines. The report also noted that liquidity is still not available where it is needed most.

Key Results in LPS January 2010 Mortgage Monitor Report:

  • Total U.S. loan delinquency rate is now 10.0%
  • Total U.S. foreclosure inventory rate is 3.2%
  • Total U.S. non-current loan rate is 13.3%
  • More than 7.2 Million Loans Behind On Payments
  • Estimated 1 Million Properties in REO Status
  • States with most non-current* loans:    Florida, Nevada, Mississippi, Arizona, Georgia, California, Indiana, Michigan, Illinois and Ohio
  • States with fewest non-current* loans:  North Dakota, South Dakota, Alaska, Wyoming, Montana, Nebraska, Vermont, Colorado, Oregon and Washington

John J. O’Dell
Real Estate Broker

Source: Real Estate Channel