Mortgage delinquencies rise as foreclosures drop
Mortgage delinquencies rose for the second straight quarter while foreclosure actions dropped as the housing sector showed few signs of recovery.
Mortgage delinquencies fell almost 12% in August from a year earlier, according to data released Tuesday by Lender Processing Services Inc. That reading comes on the heels of news barely three weeks ago that the combined delinquency rate on mortgages held by major banks fell to 6.68% in the second quarter, the lowest level since the third quarter of 2009, according to Federal Deposit Insurance Corp. data.