According to Lender Processing Service’s “Mortgage Monitor,” more than 3.1 million, or 6.21% of home mortgages, were more than 30 days delinquent but were not foreclosed in the month of April. This is a slight decrease from the 6.59% delinquency rate in March, in which over 1.7 million homes were more than 30 days, but less than 90 days, delinquent and more than 1.3 million mortgages were more than 90 days delinquent. For April, there were also more than 1.5 million homes in the foreclosure process, accounting for 3.17% of all mortgages. As of April 30, a total of approximately 4.7 million home loans were delinquent or in foreclosure, accounting for 9.67% of all home loans. Since 2008, the total percentage of mortgages in arrears has fallen below the 10% mark.

Spring may be one of the reasons that there is a reduction in total mortgage delinquencies because it is known that many homeowners will bypass mortgage payments until after the holiday season but will catch up on their payments by March or April. Homes used to go into foreclosure after being delinquent for eight months, but now it has increased to an average of thirteen months before homes usually go into foreclosure.