Home-loan delinquency rates in the US reached 10 percent in December, up from the record-high 9.97 percent in November, according to Lender Processing Services (LPS: 39.93 +1.94 percent), which provides data on mortgage performance.
Accounting for foreclosures in the pipeline, the total non-current rate stands at 13.3 percent, according to the data in the LPS database. When extrapolated for the entire mortgage industry, 7.2m mortgage loans are behind on their payments. Earlier in January, Fitch Ratings reported the delinquency rate among prime jumbo residential mortgage-backed securities (RMBS) almost tripled to 9.2% in December 2009.
For the amount of loans current at the end of 2008, 4.64 percent fell into serious delinquency. That means that of the loans current as of Dec. 31, 2008, 2.3m fell into serious delinquency by December 2009.
Full story: Mortgage Delinquencies Pass 10 percent – HousingWire