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Nationwide foreclosure inventory declined by 31.1 percent and completed foreclosures declined by 7 percent compared with September 2015, according to a report released today by CoreLogic, a global property information, analytics and data solutions provider.
The September 2016 National Foreclosure Report said the number completed foreclosures nationwide decreased year over year from 39,000 in September 2015 to 36,000 in September 2016, representing a decrease of 69.7 percent from the peak of 118,222 in September 2010.
As of September 2016, the national foreclosure inventory included approximately 340,000, or 0.9 percent, of all homes with a mortgage, compared with 493,000 homes, or 1.3 percent, in September 2015.
CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 24.8 percent from September 2015 to September 2016, with 1 million mortgages, or 2.6 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 48 states and the District of Columbia.
“September’s serious delinquency rate dropped by 25 percent compared to a year earlier, the third consecutive monthly acceleration in the rate of decline,” Dr. Frank Nothaft, chief economist for CoreLogic, said in a statement. “This improvement is continued evidence of the recovery in the housing market, especially given that the decreases were fairly uniform in most cities across the country.”
“Completed foreclosures have fallen by a total of more than 100,000 homes during the 12 months prior to September 2016,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities. Heading into 2017 we see that prices, performance and production – the three most important drivers of the real estate market – are all improving.”
