The national foreclosure inventory continued its downward trend and declined by 24.3%, while completed foreclosures dropped by 17.6% compared with September 2014, according to the latest report from CoreLogic (CLGX).
On a yearly basis, the number of foreclosures nationwide decreased from 67,000 in September 2014 to 55,000 in September 2015. The number of completed foreclosures in September 2015 is a decrease of 52.8% from the peak of 117,438 in September 2010.
"The largest improvements in the foreclosure inventory continue to be in judicial states on the East Coast such as Florida and New Jersey," said Sam Khater, deputy chief economist for CoreLogic. "While the overwhelming majority of states are experiencing declines in their foreclosure rates, four states experienced small increases compared with a year ago."
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(Source: CoreLogic)
Click to enlarge
(Source: CoreLogic)
Overall, as of September 2015, the national foreclosure inventory included approximately 470,000, or 1.2%, of all homes with a mortgage compared with 621,000 homes, or 1.6%, in September 2014.
Additionally, number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 21.2% from September 2014 to September 2015 with 1.3 million mortgages, or 3.4%, in this category.
This is the lowest serious delinquency rate since December 2007. The foreclosure rate (defined as the share of all loans in the foreclosure process) was at 1.2 percent as of September 2015, which is back to the December 2007 level.
"The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards," said Anand Nallathambi, president and CEO of CoreLogic. "As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007."
