More than 7 million mortgages in the United States are either at least 30 days past due or in the process of foreclosure, according to Lender Processing Service (LPS). Although the delinquency rate essentially remained the same, foreclosures are on the rise.
Of the 7.04 million mortgages, 2.09 million have been referred to an attorney for foreclosure. The remaining 4.95 million are 30 or more days late but not in foreclosure, and 2.24 million of those are at least 90 days overdue.
According to LPS, the total mortgage delinquency rate was 9.29 percent at the end of October, up slightly from the previous month, but down 8.4 percent compared to October 2009.
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