Foreclosure Inventory at Lowest Level in Nine Years
The foreclosure inventory rate in July reached the lowest level recorded for any month since August 2007, according to data released by CoreLogic.
The national foreclosure inventory in July included roughly 355,000 homes, or 0.9% of all homes with a mortgage, down from 501,000, or 1.3%, in July 2015. That represents a 29.1% decline year-over-year, CoreLogic said Tuesday.
The decline stemmed from loan modifications, foreclosures and stronger housing and labor markets, according to CoreLogic chief economist Frank Nothaft.
Similarly, the number of completed foreclosures nationwide slipped 16.5% year-over-year to 34,000. That figure is also 71.2% lower than the peak of 118,000 recorded in September 2010.
"Foreclosure rates declined year-over-year in all states except North Dakota, which experienced a 6% increase in its foreclosure inventory related to the drop in energy-related jobs," CoreLogic President and Chief Executive Anand Nallathambi said in a news release.
"Importantly, judicial states like New Jersey and New York have continued to work through their large inventory of homes in foreclosure proceedings."
CoreLogic reported yet another decline in the number of mortgages 90 or more days past due including loans in foreclosure or REO, which dropped 17.3% from last year to 1.1 million mortgages.