72% of loans in foreclosure Not Paid in over 1year

The guys over at LPS Monitor have an interesting report out that will disabuse anyone of the notion that the housing market is significantly better now even more than 5 years after the first cracks started to show. According to their report, more than 4 million loans are more than 90 days late.

This report coupled with foreclosures picking up pace--- now that legal hurdles have been cleared--- spell trouble for the housing market for years to come. By some counts, there are nearly 12 million homes in trouble--- characterized by either being underwater or at some level of current or past default.

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