A key piece of information about the health of the housing industry is in – do industry professionals have cause for concern or optimism?
September saw 55,000 foreclosure completions but the “the fundamentals underpinning the housing market are healthier than any time since 2007,” according to one leading analytics firm.
CoreLogic reported 55,000 foreclosures this past September, which represents a significant year-over-year drop; September 2014 saw 67,000.
The latest figure also represents a 52.8% drop from the peak of 117,438 in September 2010.
The association is crediting an improving housing market and economy for the significant drop.
"The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards," Anand Nallathambi, president and CEO of CoreLogic, said in a release. "As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007."
On a month-over-month basis, completed foreclosures increased 49.5% from the 37,000 reported in August.
“The one-month surge in foreclosures was partially the result of an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Mich., of which Detroit is the county seat,” CoreLogic said. “As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.”
Five states accounted for almost half of all foreclosures over the past 12 months ending September.
Those states are Florida (91,000 foreclosures), Michigan (45,000), Texas (32,000), Georgia (26,000), and California (26,000).
The four states the lowest over that same period were District of Columbia (69), North Dakota (310), Wyoming (498), West Virginia (593) and Hawaii (690).
CoreLogic reported 55,000 foreclosures this past September, which represents a significant year-over-year drop; September 2014 saw 67,000.
The latest figure also represents a 52.8% drop from the peak of 117,438 in September 2010.
The association is crediting an improving housing market and economy for the significant drop.
"The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards," Anand Nallathambi, president and CEO of CoreLogic, said in a release. "As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007."
On a month-over-month basis, completed foreclosures increased 49.5% from the 37,000 reported in August.
“The one-month surge in foreclosures was partially the result of an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Mich., of which Detroit is the county seat,” CoreLogic said. “As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.”
Five states accounted for almost half of all foreclosures over the past 12 months ending September.
Those states are Florida (91,000 foreclosures), Michigan (45,000), Texas (32,000), Georgia (26,000), and California (26,000).
The four states the lowest over that same period were District of Columbia (69), North Dakota (310), Wyoming (498), West Virginia (593) and Hawaii (690).
