LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume

As of the end of February, foreclosure inventory levels stand at more than 30 times monthly foreclosure sales volume, indicating this backlog will continue for quite some time. Ultimately, these foreclosures will most likely reenter the market as REO properties, putting even more downward pressure on U.S. home values."

(The homeowner vacancy rate is the proportion of the homeowner inventory that is vacant for sale.) And the rental vacancy rate in the fourth quarter stands at. much of the backlog has to do with.

Lender Processing Services (LPS) estimates that, given the backlog of foreclosure processing, there may be as much as 30x the monthly sales volume of already foreclosed homes. The February Mortgage Monitor report shows that both delinquencies and foreclosures starts have declined steadily over the last year, but a major reason for the backlog.

Lender Processing Services’ (LPS) latest market report says foreclosure starts jumped 28 percent between December and January, and foreclosure sales soared 29 percent. "While one month of data does not necessarily indicate a trend, this surge could suggest the backlogged foreclosure pipeline is beginning to move," LPS said in its report.

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This ââ¬Å”performing assetââ¬Â is often an equity interest in the entity acquiring the OREO or a trade for a large volume of loans such as. collateral acquired through or in lieu of foreclosure.

Although our Origination Services business was strong, fueled by the high refinance volumes, this was offset by declines in Default Services, which continue to be impacted by industry-wide foreclosure.

An Overview of Foreclosures January 24, 2013 Presented by:. Nor do they include approximately 3m housing units that stand vacant – foreclosed upon but not yet listed. To the extent short sales increase, the foreclosure pipeline will be reduced.

The statistics on the real estate foreclosure backlog are also staggering, with LPS reporting that the average U.S. loan currently in foreclosure has been delinquent for 537 days, and 30 percent of loans in foreclosure have not made payments in more than two years.

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As of the end of February, foreclosure inventory levels stand at more than 30 times monthly foreclosure sales volume, indicating this backlog will continue for quite some time. Ultimately, these foreclosures will most likely reenter the market as REO properties, putting even more downward pressure on U.S. home values.