Two free years? Average foreclosure 567 days past due

Mortgage delinquencies increased by 2.4 percent in April but they still remain well below the levels of January of this year and more than 25 percent lower than the peak seen in January 2010, according to the April Mortgage Monitor report released by Lender Processing Services, Inc.

The April data shows that new problem loans, currently at 1.28 percent, have hit three-year lows, with the rate now at less than half of 2009’s peak levels.

As of the end of April, the average loan in foreclosure was 567 days past due, which is the longest period on record. In fact, 33 percent of loans in foreclosure have not made a payment in more than two years, LPS revealed.

The report also shows the impact of the ongoing process reviews and moratoria as both foreclosure starts and sales decreased significantly in April. Foreclosure starts were down nearly 31 percent from the prior month, while foreclosure sales also declined and remain well below pre-moratoria levels.