RealEstateEconomyWatch.com

Despite a slight seasonal improvement over last month, mortgage delinquencies still hover near record highs, 21 percent above a year ago.  One of ten mortgages are delinquent as of the end of February and new delinquencies continue to run at record rates.

The total number of non-current first-lien mortgages and REO properties is now more than 7.9 million loans. Furthermore, the percentage of new problem loans is also at its highest level in five years. More than 1.1 million loans that were current at the beginning of January 2010 were already at least 30 days delinquent or in foreclosure by February 2010 month-end.

That’s the frightening news from Lender Processing Services latest Mortgage Monitor Report, which also reported that the nation’s foreclosure inventories also reached record highs. February’s foreclosure rate of 3.31 percent represented a 51.1 percent year-over-year increase.

 Other key results from LPS’ report:

•  Total U.S. loan delinquency rate: 10.2 percent
•  Total U.S. foreclosure inventory rate: 3.3 percent
•  Total U.S. non-current* loan rate: 13.5 percent
•  States with most non-current loans: Florida, Nevada, Arizona, Mississippi, California, New Jersey, Georgia, Illinois, Ohio and Indiana.
•  States with fewest non-current loans: North Dakota, South Dakota, Alaska, Wyoming, Nebraska, Montana, Vermont, Colorado, Washington and Minnesota.

 Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.  Totals based on LPS Applied Analytics’ loan-level database of mortgage assets.