Completed Foreclosures Down 29% on Yearly Basis
With the rate of seriously delinquent mortgages reaching a five-year low in November, fewer foreclosures were completed than the prior month.
As of the end of November, less than 2 million mortgages, or 5%, were seriously delinquent—defined as 90 days or more past due, including those loans in foreclosure or REO.
This new low seriously delinquent mark led to only 46,000 foreclosures finalized throughout the country during the month, CoreLogic data revealed, which is down 18,000 from a year earlier.
On a monthly basis, the number of homes actually lost to foreclosure decreased 8.3% from 50,000.
Florida, Michigan, California, Texas and Georgia account for almost half of all completed foreclosures, with 115,000, 54,000, 42,000, 40,000 and 36,000, respectively.
Since the financial crisis began in September 2008, there have been about 4.7 million completed foreclosures nationwide.
The national foreclosure inventory through November is approximately 812,000 homes, compared to 1.2 million a year ago. This inventory through November 2013 comprises 2.1% of all homes with a mortgage.
“Consumer confidence is definitely up as the economic rebound gathers more steam,” says Anand Nallathambi, president and CEO of CoreLogic. “As the negative equity crisis abates and home prices continue to rise, most people are prioritizing the payment of their mortgage obligations. The result is a double-digit drop in the inventory of seriously delinquent homes in 48 states as of October.”