CoreLogic: Completed Foreclosures Fell 15.5% In March 2015

Posted by Patrick Barnard on May 12, 2015 No Comments
Categories : Mortgage Servicing

There were about 41,000 completed foreclosures nationwide in March 2015 – a decrease of 15.5% from 48,000 in March 2014, according to CoreLogic's March 2015 National Foreclosure Report.

Further, completed foreclosures were down 65.2% from the peak of completed foreclosures, which was in September 2010.

The number of mortgages in serious delinquency declined by 19.1% from March 2014 to March 2015 – with 1.5 million mortgages, or 3.9%, in serious delinquency (defined as 90 days or more past due, including real estate owned loans or those in foreclosure). CoreLogic says this is the lowest delinquency rate since May 2008. On a month-over-month basis, the number of seriously delinquent mortgages declined by 1.9%.

The national foreclosure inventory saw a year-over-year decline of 25.7%. As of March 2015, the foreclosure inventory included approximately 542,000 homes, or 1.4%, compared with 729,000 homes, or 1.9%, in March 2014.

‘We are seeing additional improvement in housing market conditions due to a decline in the serious delinquency rate to 3.9 percent, far below the peak of 8.6 percent in early 2010,’ says Frank Nothaft, chief economist for CoreLogic. ‘Despite the decline in the number of loans that are 90 days or more delinquent or in foreclosure, the percent of homeowners struggling to keep up is still well above the pre-recession average of 1.5 percent.’

‘Based on the current trends in completed foreclosure rates, we expect the foreclosure inventory to drop below 1.3 percent by midyear – a level not seen since the end of 2007. Many states in the Northeast and Midwest, as well as Florida, still have elevated levels of distressed housing, but they are making more rapid progress as of late. In March, foreclosures in these areas accounted for a large proportion of completed foreclosures,’ says Anand Nallathambi, president and CEO of CoreLogic.

States with the highest number of completed foreclosures, year over year, ended in March 2015 were Florida (110,000), Michigan (50,000), Texas (34,000), Georgia (28,000) and Ohio (28,000). These five states accounted for almost half of all completed foreclosures nationally.

States with the lowest number of completed foreclosures were South Dakota (16), the District of Columbia (87), North Dakota (326), West Virginia (462) and Wyoming (517).

States with the highest foreclosure inventory as a percentage of all mortgaged homes included New Jersey (5.3%), New York (3.9%), Florida (3.3%), Hawaii (2.7%) and the District of Columbia (2.5%).

States with the lowest foreclosure inventory were Alaska (0.3%), Nebraska (0.4%), North Dakota (0.5%), Montana (0.5%) and Colorado (0.5%).

To read the full report, click here.

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