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Late Mortgage Payments Tick Up in July

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Late Mortgage Payments Tick Up in JulyThe total rate of U.S. properties that were at least 30 days behind on their mortgage payments but not yet in foreclosure increased 2.4 percent in July to a total of more than 4.38 million, according to the latest statistics from the real estate data and analytics firm Lender Processing Services. However, this rate was still 10.4 percent lower than it was in the same month last year. Further, of that total, nearly 1.9 million properties were 90 days or more behind on payments but had not been seized by a lender.

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Along with the increase in non-foreclosure delinquencies, the number of properties that entered into foreclosure pre-sale inventory dipped very slightly, by 0.4 percent, the report said. In all, there were more nearly 2.16 million homes in foreclosure, making up 4.11 percent of all properties in the U.S. – 9.7 percent higher than the rate observed in the same month last year.

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A recent report from the Federal Reserve Bank of New York showed that new foreclosure actions fell considerably across the country in the second quarter of the year. On a quarter-by-quarter basis, new actions slipped 22.8 percent.

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