More importantly: if a lender doesn't foreclose on a delinquent borrower, and thus the non-forclosure isn't counted in official foreclosure numbers, does it mean things are better?
From HousingWire, via Calculated Risk:
"Using LPS data, for all loans more than 90 days in arrears, the average days delinquent is now at 272 days—up from 204 days in early 2008. For loans in foreclosure, the aging numbers are even more staggering: loans in this bucket average 410 days delinquent, up from 260 days delinquent in early 2008.
Ponder those numbers for just a second. On average, severely delinquent borrowers have gone more than 9 months without making a mortgage payment—and yet foreclosure has not yet started for them. For those borrowers who are in the foreclosure process, it’s been an average of 13.6 months—more than one full year—since they last made any payment on their mortgage."
We can ask the same question about employment data: if an unemployed worker stops looking for work and is no longer counted as unemployed, have we fixed the problem?
Green shoots! (/sarcasm)