Vermont one of few states to see increase in bad mortgages

first_imgWhile Vermont still has the second fewest bad mortgages (delinquent plus foreclosed) east of the Mississippi, Vermont was one of only a handful of states that saw an increase in bad mortgages between October 2010 and October 2011, this is in contrast to the Unites States as a whole, which has seen a drop in non-current housing loans of 7.5 percent over the last year. Meanwhile, Vermont’s number has increased 5.7 percent. Vermont is one of only seven states to see an increase in bad mortgages.The October Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows mortgage delinquencies nationwide (see chart below) continue their decline, now nearly 30 percent off their January 2010 peak. Meanwhile, foreclosure inventories are on the rise, reaching an all-time high at the end of October of 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.Judicial vs. non-judicial foreclosure processes remain a significant factor in the reduction of foreclosure pipelines from state to state, with non-judicial foreclosure inventory percentages less than half that of judicial states. This is largely a result of the fact that foreclosure sale rates in non-judicial states have been proceeding at four to five times that of judicial. Non-judicial foreclosure states made up the entirety of the top 10 states with the largest year-over-year decline in non-current loans percentages.The October data also showed that mortgage originations are on the rise, reaching levels not seen since mid-2010. Mortgage prepayment rates have also spiked, as much of the new origination is related to borrower refinancing; loans originated in 2009 and later are the primary drivers of the increase. While FHA origination activity is down, GSE and FHA originations still account for the vast majority of all new loans – nearly nine out of every 10 new mortgages.As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate: 7.93%Month-over-month change in delinquency rate: -2.0%Total U.S. foreclosure pre-sale inventory rate: 4.29%Month-over-month change in foreclosure pre-sale inventory rate: 2.5% States with highest percentage of non-current* loans: FL, MS, NV, NJ, ILStates with the lowest percentage of non-current* loans: ND, AK, SD, WY, MT*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Notes:(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.(2) All whole numbers are rounded to the nearest thousand. About the Mortgage MonitorLPS manages the nation’s leading repository of loan-level residential mortgage data and performance information on nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report. To review the full report, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx(link is external).About Lender Processing Services Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ loan servicing platform, MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com(link is external). JACKSONVILLE, Fla. – December 1, 2011last_img read more

‘No isolation, few tests’: Argentina has world’s highest COVID-19 positive rate

first_img“Is there isolation? There is none. Are there (enough) tests? No there aren’t,” Carlos Kambourian, a pediatrician in the city of Buenos Aires, told Reuters.By comparison, New York state has a population of 20 million, less than half of Argentina’s 45 million, yet carries out 100,000 tests a day, four times the number in Argentina. In New York state, the positive rate is a bit over 1 percent.Argentina’s government won plaudits for a tough early lockdown that began March 20, but since then has been forced to loosen restrictions to help revive an economy already in recession for two years and as poverty levels and unemployment have risen.Kambourian added that there had been little in way of strengthening health services: “Certainly the strategies to stop a this type of pandemic aren’t being applied,” he added.A source from Argentina’s health ministry said the large number of positive tests was a result of its “DetectAr” program, where testing focuses on contacts of those known to be infected. The government had pledged to raise testing levels.Argentina has the eighth most COVID-19 cases in the world, and is currently in the top five for rolling 7-day average new cases and fatalities. Latin America has been the hardest hit region of the world in terms of COVID-19 cases and deaths. Argentina has the world’s highest rate of positive COVID-19 tests, according to Oxford-linked tracker Our World In Data, with nearly six out of 10 yielding an infection, a reflection of low testing levels and loose enforcement of lockdown rules.Argentina hit 809,728 confirmed cases on Monday, with an seven-day rolling average of around 12,500 new daily infections. The country, which started strongly against the virus, passed 20,000 fatalities last week.Medical professionals said low-levels of testing and lax restrictions had propelled the high positive rate, that climbed from around 40 percent in August to just shy of 60 percent in the last week, a Reuters calculation using health ministry data shows. Topics :last_img read more