Completed Foreclosures Down 40% Year Over Year: CoreLogic
The number of foreclosures completed in December fell 40% from a year earlier, according to data released Tuesday by CoreLogic.
There were a total of 21,000 completed foreclosures in December, down from 36,000 the year before, CoreLogic said in a news release. The national foreclosure inventory was 329,000 in December, representing a 30% drop from 467,000 homes in 2015.
Overall, 0.8% of all homes with a mortgage were in foreclosure in December, down from 1.2% the previous year.
The number of mortgages in serious delinquency, which CoreLogic defines as 90 days or more past due including loans in foreclosure or REO, fell by 19.4% year over year to 1 million mortgages, which equates to 2.6% of all mortgaged properties. This is the lowest number of homes in serious delinquency since August 2007, but some parts of the country were experiencing more defaults than others.
"While the decline in serious delinquency has been geographically broad, some oil-producing markets have shown the effects of low oil prices on the housing market," Frank Nothaft, chief economist for CoreLogic, said in a news release. "Serious delinquency rates rose in Louisiana, Wyoming and North Dakota, reflecting the weakness in oil production."