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"One Major Threat to Housing Recovery Recedes"
Shadow inventory—or pre-foreclosures—have dropped by more than a third since August of 2013, Lenders Processing Services reports in the “first look” data from its August Mortgage Monitor. Shadow inventories have now fallen to its lowest point in four-and-a-half years.
Shadow inventory was once deemed a big threat to derailing the housing recovery, but that threat has been vanishing. The shadow inventory now represents 2.66 percent of all homes with a mortgage in the country, compared to 4.04 percent a year ago.
The current rate of mortgages that are 30 days or more delinquent but are not yet in foreclosure was at 6.20 percent in August, a decline of nearly 10 percent since August 2012, LPS reports.
As of July, following states have the highest percentage of non-current loans (yet all significantly lower percentages than last year):
Meanwhile, these states have the lowest percentage of non-current loans: