Foreclosure inventory and the number of completed foreclosures both dropped in May compared with a year ago, according to data released Tuesday by CoreLogic.
CoreLogic reported that the national foreclosure inventory in May was approximately 390,000, or 1% of all homes with a mortgage, down 24.5% from 517,000 homes in May 2015. The foreclosure inventory rate also reached its lowest level since October 2007.
Additionally, the number of completed foreclosures fell 6.9% year-over-year to 38,000 in May. This figure, however, was 5.5% higher month-over-month.
"Delinquency and foreclosure rates continue to drop as we experience the benefits of a combination of tight underwriting, job and income growth, and a steady rise in home prices," said Anand Nallathambi, president and CEO of CoreLogic, in a news release.
"We expect these factors to remain in place for the remainder of this year and for delinquency and foreclosure rates to decline even further."
