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Mortgage delinquencies drop notably in May

07.08.2013

Foreclosure levels dropped again in May.

The mortgage market may be seeing a boost in health, as delinquencies continued to become less frequent during May.

Overall mortgage delinquencies dropped 15 percent in May compared to December's level, a report from Lender Processing Services noted. This brought the overall rate to 6.08 percent. This was also more than 2 percent lower than in April.

"Though they are still approximately 1.4 times what they were, on average, during the 1995 to 2005 period, delinquencies have come down significantly from their January 2010 peak," said Herb Blecher, senior vice president of applied analytics at LPS. "In large part, this is due to the continuing decline in new problem loans - as fewer problem loans are coming into the system, the existing inventories are working their way through the pipeline."

While mortgage delinquencies are on the decline, there were still some issues in the market. Mortgage applications dropped nearly 12 percent during the week ending June 28 compared to the previous week, a report from the Mortgage Bankers Association noted. This was down 12 percent when unadjusted.

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