Morning Briefing: Foreclosures down sharply says CoreLogic

by Steve Randall09 Dec 2015
Foreclosures down sharply says CoreLogic
The latest data from CoreLogic, for October 2015, shows that foreclosures were sharply lower in the month compared to a year earlier. Foreclosure inventory was down 21.5 per cent while completed foreclosures dropped 27.1 per cent to 37,000. That figure is a 12.5 per cent drop from September 2015. As of October, the national foreclosure inventory included approximately 463,000, or 1.2 percent, of all homes with a mortgage compared with 589,000 homes, or 1.5 percent, in October 2014. This is lowest rate since November 2007.

“We are heading into 2016 with the lowest foreclosure inventory in eight years thanks to escalating home values and progressive improvement in the U.S. economy.  A large proportion of the remaining foreclosure inventory is clustered in New York, New Jersey and Florida,” said Anand Nallathambi, president and CEO of CoreLogic. “Equally encouraging is the drop in mortgage delinquency rates reflecting the stronger labor market and tighter underwriting since 2009.”
Mortgage availability declined in November
The availability of mortgage credit slipped 0.8 per cent in November compared to a month earlier. Figures from the Mortgage Bankers Association shows that lending standards tightened, driven by reductions among ARM programs. The Conventional Mortgage Availability Index was down 2 per cent; conforming down 1 per cent; jumbo down 0.8 per cent; government-backed increased 0.1 per cent.
Realtors team up with Boys & Girls clubs
A new partnership aims to strengthen communities and support young people across America. The National Association of Realtors is joining forces with the Boys & Girls Clubs of America will work together in 2016 with state and local realtors’ associations offering volunteering and resources to help local clubs with their specific needs.
Bruno Mars sells Hollywood home off-market
Bruno Mars has sold his three-bedroom, three-bathroom home between Studio City and Hollywood Hills West for $3,347,500. The LA Times reports that the Grammy winning singer sold the 1964 home in an off-market deal and has also sold a home in Hawaii. Mars bought an estate in Studio City earlier this year for $6.5 million.


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