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New Report: Default Mortgages and Foreclosures on 7.3 Million Homes

Mortgages in default and foreclosed homes now account for just over 7.3-million homes. The report for April released by Lender Processing Services shows that there is at least some sign of an improvement in the foreclosure crisis with the number of loans 90 days or more delinquent declining from March. However, there are more than 4-million homes in default nationwide and deterioration levels remain excessively high with two loans rolling to a “worse” status for every single loan that has improved. The overall volume of mortgages moving from delinquent to current status declined to a three-month low supported primarily by “artificial cures” associated with the Obama administration”s housing relief program known as HAMP.
Read the full article from Housing Predictor

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