There were about 38,000 completed foreclosures nationwide in June – an increase of 5.1% compared with about 36,000 in May but a decrease of 4.9% compared with about 40,000 in June 2015, according to CoreLogic’s National Foreclosure Report.
Although higher than the pre-crisis average of about 21,000 per month, the number of completed foreclosures in June represented a decrease of 67.5% from the peak of 117,835 completed foreclosures in September 2010.
As of June, there were about 375,000 homes – or about 1.0% of all homes with a mortgage – in the national foreclosure inventory. That’s a decrease of about 25.9% compared with about 507,000 homes, or 1.3% of all homes with a mortgage, in June 2015.
The June foreclosure inventory rate is the lowest for any month since August 2007, CoreLogic reports.
On a month-over-month basis, the foreclosure inventory was down 3.6% compared with May.
As of the end of June, about 1.1 million mortgages, or 2.8%, were seriously delinquent (90-plus days or more past due). That’s a decrease of 21.3% compared with June 2015. It’s also the lowest serious delinquency rate in nearly nine years, since September 2007.
“Mortgage loan performance depends on the economic health of local markets, with varied differences even within a state,” says Frank Nothaft, chief economist for CoreLogic, in a release. “Within Texas, the serious delinquency rate in the Dallas metropolitan area has fallen by 0.5 percent from a year earlier, as home prices and employment have continued to rise. The rate in the Midland area, on the other hand, has jumped 0.5 percent, reflecting the weakness in oil production and job loss over the past year.”
“The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market,” adds Anand Nallathambi, president and CEO of CoreLogic. “We expect the combination of continued home price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them.”