The April 2016 National Foreclosure Report
from the property information, analytics and data-enabled services company revealed that the number of completed foreclosures nationally decreased year-over-year from 43,000 in April of 2015 to 37,000 in April 2016. This new figure represents a 68.9 percent decrease from the peak experienced in September 2010, when 117,813 homes in the U.S. were lost to foreclosure.
Since the financial crisis began in September 2008, there have been approximately 6.2 million completed foreclosures nationwide. Reported at approximated 406,000, or 1.1 percent, of all homes with a mortgage, the April 2016 foreclosure inventory rate is the lowest for any month since September 2007.
“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”
CoreLogic’s report also states that the number of mortgages in serious delinquency declined by 21.6 percent from April of last year, and is at its lowest in more than eight years, since October 2007.
“The number of homeowners who have negative equity has fallen by two-thirds since its 2010 peak, and the number of borrowers in foreclosure proceedings has also continued to drop,” said Anand Nallathambi, president and CEO of CoreLogic. “Despite this progress, about four million homeowners remained underwater at the end of the first quarter, and these borrowers are more vulnerable to foreclosure proceedings if they should fall delinquent.”
According to a new report from CoreLogic, foreclosure inventory declined by 23.4 percent and completed foreclosures declined by 15.8 percent compared to April 2015.