According to a report released yesterday by LPS (Lender Processing Services), "foreclosure inventory levels [stand] at 30 times monthly foreclosure sales volume." As a result of this massive backlog, real estate analysts expect more downward pressure on U.S. home values as most of these homes are likely to reenter the market as REO.
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."
Consider this: According to Lender Processing Services (LPS) Mortgage Monitor for April, there are “4,699,000, or 9.76% of home loans delinquent or in foreclosure. timer home volume hit a fresh.
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After increases in both foreclosure starts and sales in January, LPS is reporting a sharp decrease in February across all investor classes. The foreclosure backlog continues to plague the industry.
According to LPS reports, the foreclosure issue will persist into 2013. Rates.. Foreclosure Crisis Could Continue Into 2013. August 20, 2010.. but the point stands that foreclosures are moving very slowly. Part of this is due to the gigantic backlog of foreclosures.
How to Decide Mortgage Masters group lps: foreclosure backlog Stands at 30x Foreclosure Sales Volume At Elite Executives, we know that buying or selling your home is more than just a business transaction for you. It’s an emotional experience, too. Your home is your comfort and your sanctuary, where you live and watch your children grow.
· Going forward, LPS should be able to grow modestly this year. As mentioned, delinquent loans continue to be way above historical norms, and that backlog of overdue loans may start to move to foreclosure proceedings. However, it is unlikely that LPS will be able to maintain its current levels of revenue for more than a year or two.
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LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume Monday Morning Cup of coffee: federal reserve Board to vote on lifting Wells Fargo’s growth restrictions Monday Morning Cup of Coffee: Mortgage rates to set more record lows Meanwhile, data this morning. set to continue, with pre-market gains for Apple (AAPL) and Netflix (NFLX.