Nov. 3, 2010 (DSNews) -- Market data collected by Lender Processing Services (LPS) during the month of September reveals that foreclosure timelines continue to increase, with borrowers in the latest stages of delinquency or in foreclosure languishing without having made a mortgage payment for up to 16 months.
The company’s Mortgage Monitor report released Wednesday illustrates the extreme congestion in foreclosure pipelines. LPS notes that the average time a loan remains delinquent in five particular judicial states – New York, Florida, New Jersey, Hawaii, and Maine – now exceeds 500 days.
At the same time, LPS says the foreclosure timeline extension has been significantly more pronounced in non-judicial states, as well.
Timelines in the 90-days-or-greater delinquency category have continued to increase even as inventories have declined. As of the end of September, 32 percent of 90-days-or-greater delinquencies could be categorized as “extremely delinquent,” with borrowers not having made payments for 12 months or more, according to LPS’ report.
