December foreclosures decline, mortgage delinquency on the rise
Posted on Thursday, January 24, 2013 at 3:37:46 PM
Although fewer households entered the foreclosure process at the end of 2012, there was a slight increase in the number of borrowers who fell behind on their mortgage payments.
In December, just 3.4 percent of mortgage properties were in some stage of the foreclosure process, according to data from Lender Processing Services. This marked a 2 percent improvement from the previous month and an 18 percent decline from December 2011.
However, this rate could very well increase in the coming months, as the share of borrowers who were 30 or more days behind on home loan payments hit 7.17 percent, which was a 0.74 percent increase from November, the report said.
On a state-by-state basis, the areas with the worst combined foreclosure and mortgage delinquency rates were Florida, New Jersey, Mississippi, Nevada and New York, according to LPS. These were some of the hardest-hit areas in the wake of the real estate bubble burst, and residents could continue struggling to find their financial footing for the time being.
One of the first steps to ensure a successful homeownership is to take on a home loan that meets a consumer's personal financial standing. Consulting a mortgage comparison chart from Home Loan Investment Bank could be the best way to accomplish this.