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Nationwide Mortgage Delinquency Slips Significantly in March

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Nationwide Mortgage Delinquency Slips Significantly in MarchThe overall rate of U.S. mortgage delinquency – those loans that have fallen 30 days or more behind on payments but have not yet been placed in foreclosure – fell to 7.78 percent during the month of March, according to the latest “first look” statistics from Lender Processing Services, which mined the figures from a database of close to 40 million mortgages. This rate was 11.6 percent lower than the rate from February, and marked a drop of 19.4 percent from March 2010.

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The nationwide number of mortgages that were 30 days or more past due with their payments, but not yet placed in foreclosure, totaled about 4.11 million, the report said. Another nearly 1.99 million home loans were not in foreclosure but 90 days or more behind on their bills.

This problem continues to plague the states most often associated with the mortgage meltdown, particularly Florida, Nevada, Mississippi, New Jersey and Georgia, which topped the list, the report said. Meanwhile, Montana, Wyoming, Alaska, South Dakota and North Dakota saw the fewest instances of delinquent home loans.

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Many consumers may now be having a better time paying down their mortgage debt because a number of companies have renewed hiring, and unemployment has fallen nationwide in recent months.

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