CoreLogic: Completed Foreclosures Decreased 13.9% In February

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

There were about 34,000 completed foreclosures nationwide in February – a decrease of 13.9% compared with about 39,000 in January and a decrease of 23.9% compared with February 2015, according to CoreLogic’s National Foreclosure Report.

What’s more, completed foreclosures were down 71.3% compared with the peak of 117,776 in September 2010.

States with the highest numbers of completed foreclosures for the 12 months ended in February were Florida (72,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (23,000). 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 (113), North Dakota (312), Wyoming (574), West Virginia (627) and Alaska (682).

As of the end of February, the foreclosure inventory included approximately 434,000, or 1.1%, of all homes with a mortgage compared with 571,000 homes, or 1.5%, in February 2015. That’s a year-over-year decrease of 23.9%.

About 1.3 million mortgages, or 3.2% of all properties with a mortgage, were in serious delinquency (90 days or more past due, including loans in foreclosure or real estate owned) – a decrease of 19.9% compared with February 2015.

It was the lowest serious delinquency rate since November 2007, CoreLogic reports.

“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” says Frank Nothaft, chief economist for CoreLogic. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state. However, serious delinquency rates increased in North Dakota and West Virginia – two states affected by price declines for the energy fuel each produces.”

“Home price gains have clearly been a driving force in building positive equity for homeowners,” adds Anand Nallathambi, president and CEO of CoreLogic. “Longer term, we anticipate a better balance of supply with demand in many markets, which will help sustain healthy and affordable home values into the future.”

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