CoreLogic: Completed Foreclosures Continued To Fall In November

Posted by Patrick Barnard on January 12, 2016 No Comments
Categories : Mortgage Servicing

There were about 33,000 completed foreclosures nationwide in November – a decrease of 10.9% compared with about 38,000 in October and a decrease of 18.8% compared with about 41,000 in November 2014, according to CoreLogic.

What's more, the number of completed foreclosures was down 71.6% from the peak of 117,657 in September 2010.

States with the highest numbers of completed foreclosures for the 12 months ended in November 2015 were Florida (83,000), Michigan (51,000), Texas (29,000), California (24,000) and Georgia (24,000). These five states accounted for almost half of all completed foreclosures nationally.

States with the lowest numbers of completed foreclosures included the District of Columbia (78), North Dakota (225), Wyoming (543), West Virginia (565) and Hawaii (686).

In addition to the decrease in completed foreclosures, the national foreclosure inventory continued to shrink. As of the end of November, the foreclosure inventory stood at about 448,000 units – or 1.2% of all homes with a mortgage – a decrease of 21.8% compared with 573,000 units, or 1.5% of all homes with a mortgage, in November 2014.

The November 2015 foreclosure inventory rate was the lowest for any month since November 2007, CoreLogic reports.

Serious delinquencies (90 days or more past due, including loans in foreclosure or real estate owned properties) also decreased in November. As of the end of the month, about 1.3 million properties, or 3.3% of all properties with a mortgage, were seriously delinquent – a decrease of 21.7% compared with November 2014.

It was the lowest serious delinquency rate since December 2007.

Frank Nothaft, chief economist for CoreLogic, says the figures for November indicate that there has been a ‘solid improvement’ in the housing market in the past year.

‘While there are still pockets of areas with high foreclosure activity, 30 states have foreclosure rates below the national average,’ Nothaft says in a statement.

‘Tight post-crash underwriting standards coupled with much improved economic and housing market fundamentals have combined to push new mortgage delinquencies to 15-year lows,’ adds Anand Nallathambi, president and CEO of CoreLogic. ‘Although judicial states will likely continue to lag, given current trends, it is reasonable to expect a continued and significant drop in the rate of serious delinquencies and foreclosure starts in 2016.’

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