As foreclosure sales eased for U.S. mortgage servicers, delinquency and new foreclosure filings climbed.
Residential delinquency of at least 60 days was 5.90 percent during July, 10 basis points higher than the revised level for June, data released yesterday by HOPEÂ NOW indicated. Late payments stood at just 3.57 percent in July 2008.
The findings were extrapolated from data submitted by 26 HOPEÂ NOW members, which service around 37.5 million loans representing 71 percent of all U.S. home mortgages. Out of an estimated 52,613,000 outstanding residential U.S. mortgages as of the end of July, 46,825,000 were prime and 5,788,000 were subprime.
Prime mortgage delinquency was unchanged from June at 4.24 percent, while subprime delinquency increased 90 BPS to 19.30 percent in July.
Foreclosures were started on 283,682 loans during July, climbing from 251,340 in June and 197,000 a year earlier. The latest month included 211,714 prime foreclosure starts and 71,968 subprime foreclosure starts.
From Jan. 1 through July 31, HOPEÂ NOW said 1,757,400 foreclosures were started.
Foreclosure sales fell, however, to 89,173 from June’s 92,661 and 92,000 in July 2008. The most recent period included 59,341 prime real-estate-owned filings and 29,832 subprime REOs. Through the end of July, 526,382 foreclosures were completed.
July workout plans were 253,673, including 80,167 loan modifications. Year-to-date workouts were 1,771,146, while YTD modifications were 761,159.
