Foreclosures Further Fade Away
Core Logic | June 10, 2015
Foreclosure inventory plunged nearly 25 percent in April as the number of completed foreclosures — which reflect the total number of homes actually lost — fell almost 20 percent year-over-year, according to CoreLogic's latest National Foreclosure Report.
There were 40,000 completed foreclosures nationwide in April, down from 50,000 a year prior. Foreclosure levels have fallen nearly 66 percent from their peak in September 2010.
5 States With Highest Foreclosure Inventories
The following states had the highest foreclosure inventory (as a percentage of all homes with a mortgage):
- New Jersey: 5.1%
- New York: 3.8%
- Florida: 3.1%
- Hawaii: 2.6%
- District of Columbia: 2.5%
More home owners are keeping up with their mortgage payments, with the number of loans 90 days or more past due down 22 percent year-over-year, CoreLogic's report shows. About 1.4 million mortgages are "seriously delinquent," the lowest rate since February 2008.
"By mid-2011, after the Great Recession and at the trough of the house-price collapse, more than 1.5 million homes were in the foreclosure pipeline," says Frank Nothaft, chief economist for CoreLogic. "Employment recovery, foreclosure alternatives, and home-value gains have worked to reduce this inventory." The foreclosure inventory in April has fallen to one-third of its mid-2011 level, Nothaft notes.
The National Association of REALTORS® reported that distressed sales, including foreclosures and short sales, accounted for 10 percent of all existing-home sales in April, below the 15 percent share a year ago. Foreclosures sold for an average discount of 20 percent below market value in April while short sales were discounted by 14 percent.
Source: Core Logic