Foreclosure inventory hits pre-crisis levels

by Ryan Smith10 Aug 2016
Foreclosure inventory dropped in June to pre-crisis levels, according to new data from CoreLogic.

According to CoreLogic’s June 2016 National Foreclosure Report, foreclosure inventory fell by 25.9%, and completed foreclosures were down 4.9% compared to June 2015. Completed foreclosures are now down 67.5% from the peak of 117,835 in September of 2010.

In June, the national foreclosure inventory included about 375,000 homes – about 1% of all homes with a mortgage. It’s the lowest foreclosure inventory rate for any month since August of 2007, according to CoreLogic.

The number of mortgages in serious delinquency is also down, declining by 21.3% year over year. The serious delinquency rate for June was the lowest in nine years, CoreLogic reported.

“The impacy of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market,” said Anand Nallathambi, CoreLogic president and CEO. “We expect the combination of continued home price appreciation of more than 5% and rising employment levels in the year ahead will cement the gains we have had and perhaps accelerated them.”
 

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