Foreclosure inventory lowest in nearly a decade

by Steve Randall13 Sep 2017
The foreclosure inventory rate and serious delinquency rate remained low in June according to newly-released data from CoreLogic.

Its Loan Performance Insights Report shows that 4.5% of mortgages were in some stage of delinquency nationally, down from 5.3% a year earlier.

The foreclosure inventory rate was 0.7%, down from 0.9% in June 2016, and was the lowest rate since July 2007.

Early-stage delinquencies - those 30 to 59 days past due - were down slightly, from 2.1% in June 2016 to 2% in June 2017. The share of mortgages that were 60-89 days past due in June 2017 was 0.6 percent, also down slightly from 0.7 percent in June 2016.

“After peaking at 3.6 percent in December 2010, June’s 0.7 percent foreclosure rate was the lowest in 10 years,” said Frank Martell, president and CEO of CoreLogic. “Across the 100 most populous metro areas, the foreclosure rate varied from 0.1 percent in Denver-Aurora-Lakewood to 2.2 percent in New York-Newark-Jersey City.”

The share of mortgages that transitioned from current to 30 days past due was 0.9% in June, unchanged from a year earlier.
CoreLogic’s data forecast for home price appreciation calls for continued gains ahead while the employment rate continues to strengthen, which should lead to a further decline in the delinquency rate, the firm’s chief economist Dr Frank Northaft added.

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