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LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume

This ââ¬Å”performing assetââ¬Â is often an equity interest in the entity acquiring the OREO or a trade for a large volume of loans such as. collateral acquired through or in lieu of foreclosure.

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According to a report released yesterday by LPS (Lender Processing Services), "foreclosure inventory levels [stand] at 30 times monthly foreclosure sales volume." As a result of this massive backlog, real estate analysts expect more downward pressure on U.S. home values as most of these homes are likely to reenter the market as REO.

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In 2011, the number of houses sold in Indiana increased for the first time since 2006 and the median sales price climbed for the second consecutive year. The state’s foreclosure rate is still far too high, but the number of homes in the later stages of mortgage delinquency has declined of late.

Foreclosure is a legal process that occurs when a homeowner fails to make an. of Default by the lender, which typically occurs after the homeowner is 30-45 days. the lender the required amount past due and return the loan to good standing.. The sale of a foreclosed home could involve a public sale held by an auction,

The company reports that the average loan in foreclosure right now has been delinquent for a record 537 days, and 30 percent of loans in foreclosure have not made a payment in over two years.

After increases in both foreclosure starts and sales in January, LPS is reporting a sharp decrease in February across all investor classes. The foreclosure backlog continues to plague the industry.

(Read more about LPS in our guide to who’s who of the foreclosure scandal [3].) As we ‘ve noted [4], the firm-which helps handle more than half of all U.S. mortgages [5]-has been accused of using the same "robo-signing [6]" practices as the major banks, such as signing and notarizing documents that appeared inaccurate or invalid.