50 to 1: Delinquent loans outnumber foreclosure sales

The May Mortgage Monitor report released by Lender Processing Services, Inc. shows that the number of mortgages that are 90 or more days delinquent, combined with the foreclosure inventory at the end of May, totaled 4,084,557.

With foreclosure sales at 78,676 at month end, the volume of serious delinquencies and foreclosures over-shadowed the number of foreclosure sales by 50 to 1.

There are still significantly fewer foreclosure sales than there were before foreclosure moratoria were put into place, and foreclosure sales are declining.

The average time spent in foreclosure continues to extend, with more than 33 percent of borrowers in foreclosure not having made a payment in more than two years.

Overall, when compared to historical norms, delinquencies are almost double and foreclosures are eight times higher, LPS reported.