Wednesday, August 12, 2015

Foreclosure Rate Drops to 2007 Levels

The foreclosure rate continues to recede, with foreclosure inventories nationwide falling nearly 30 percent and completed foreclosures dropping nearly 15 percent in the past year, according to CoreLogic's June 2015 National Foreclosure Report, released Tuesday.
The number of foreclosures nationwide fell 63 percent from their September 2010 peak of 117,119. Completed foreclosures are the total number of homes that are actually lost to foreclosure. Since September 2008, about 5.8 million completed foreclosures have occurred across the country.
More home owners are staying current on their mortgage payments. The number of mortgages in serious delinquency (those that are 90 days or more past due) fell by 23 percent in June year-over-year. Seriously delinquent mortgages now comprise 3.5 percent – or 1.3 million – of mortgages nationwide, which represents the lowest rate since January 2008.
"The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment, and higher housing prices," says Frank Nothaft, chief economist for CoreLogic. "The decline has not been uniform geographically, as the foreclosure rate varies across metropolitan areas. In the Denver and San Francisco areas, the foreclosure rate has fallen to 0.3 percent, whereas in the Tampa market the rate is 3.5 percent and in Nassau and Suffolk counties it is an elevated 4.8 percent."
Five states alone accounted for nearly half of all completed foreclosures nationally. The following five states had the highest number of completed foreclosures in June:
  1. Florida: 102,000
  2. Michigan: 46,000
  3. Texas: 33,000
  4. California: 29,000
  5. Ohio: 27,000
Source: CoreLogic

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