'Enormous backlog of foreclosures'
Alarming number of the day, courtesy of Lender Processing Services:
"As of the end of February, foreclosure inventory levels stand at more than 30 times monthly foreclosure sales volume."
So even though U.S. mortgage delinquencies are declining, "an enormous backlog of foreclosures still exists with overhang at every level," the company said.
Other notable numbers from LPS:
Foreclosures on option ARMs -- also known as "neg am" because the minimum payment option causes negative amortization, increasing the amount borrowers owe -- have risen 23 percent over the last six months, "far more than any other product type."
Just over one-fifth of mortgages that were at least three months behind a year ago are now current.
Average delinquency for a loan in foreclosure: 537 days, a record.
LPS, which provides services to the mortgage industry that include default management, handles more than half the country's foreclosures. Like its mortgage-servicer clients, it has been hit with allegations of robo-signing and the like. The Florida Attorney General's Office launched an investigation last year.