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Mortgage

Foreclosure inventory declined nearly 25% in February

Down 71.3% from its peak

National foreclosure inventory, or any house within the foreclosure process, in February decreased by 23.9% annually, according to CoreLogic’s February 2016 National Foreclosure Report.

Completed foreclosures, total homes lost to foreclosures, was down by 10% annually in February, according to the report. Nationwide, the number of completed foreclosures reduced by 4,000 from 38,000 in February 2015 to 34,000. This is down 71.3% from its peak in 2010.

“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” CoreLogic chief economist Frank Nothaft said. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state.”

“However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces,” Nothaft said.

Since September 2008, there have been about 6.2 million completed foreclosures, and since 2004 there have been 8.2 million.

Total foreclosure inventory in February, about 434,000, was about 1.1% of all homes with mortgages. This was down from 1.5% last year.  The foreclosure inventory rate in February was the lowest it has been since November 2007.

The total mortgages in serious delinquency also declined by 19.9% in February, according to the report. About 3.2% of mortgages fall under this category, also the lowest rate since November 2007.

“Home price gains have clearly been a driving force in building positive equity for homeowners,” CoreLogic president and CEO Anand Nallathambi said. “Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain healthy and affordable home values into the future.”

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