National Foreclosure Inventory Shrank by 31.5% in October
The national foreclosure inventory decreased by nearly a third in October from a year earlier, CoreLogic reported.
The inventory of foreclosures included roughly 328,000, or 0.8% of all properties, representing a drop of 31.5% from October 2015, CoreLogic found in its National Foreclosure Report. Similarly, the number of completed foreclosures fell by 25% to 30,000 from 40,000 a year ago.
The number of mortgages in serious delinquency nationwide also declined by 24.8% to 1 million mortgages, or 2.5% of all mortgages nationwide. This equates to the lowest level reported since August 2007.
Still, these nationwide trends don't apply to all states, according to CoreLogic Chief Economist Frank Nothaft.
"Alaska, North Dakota and Wyoming, three states with energy-related job loss, experienced a rise in serious delinquency rates while all other states had a decline," Nothaft said in a news release Tuesday.
"Although there were large declines in foreclosure rates in New York and New Jersey, both states experienced the highest serious delinquency rates in the nation, reflecting lagging home values in most neighborhoods and an unemployment rate above the national average."