There were about 36,000 completed foreclosures in April, which is a decrease of 0.3% compared with about 37,000 in March and a decrease of 15.8% compared with about 43,000 in April 2015, according to CoreLogic’s National Foreclosure Report.
What’s more, completed foreclosures were down 68.9% compared with the peak of 117,813 in September 2010.
In addition, the foreclosure inventory, which includes all homes in foreclosure regardless of what stage they’re in, decreased by 3.0% compared with March and decreased 23.4% compared with April 2015.
As of April, there were about 406,000 homes, or 1.1% of all homes with a mortgage, in the foreclosure inventory compared with about 530,000 homes, or 1.4%, in April 2015.
It was the lowest foreclosure inventory rate since September 2007.
About 1.1 million mortgages, or 3%, were in serious delinquency (90 days or more past due, including loans in foreclosure or real estate owned) – a decrease of 21.6% compared with April 2015.
It was the lowest serious delinquency rate since October 2007.
“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” says Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”
“The number of homeowners who have negative equity has fallen by two-thirds since its 2010 peak, and the number of borrowers in foreclosure proceedings has also continued to drop,” adds Anand Nallathambi, president and CEO of CoreLogic. “Despite this progress, about four million homeowners remained underwater at the end of the first quarter, and these borrowers are more vulnerable to foreclosure proceedings if they should fall delinquent.”
States with the highest numbers of completed foreclosures for the 12 months ended in March included Florida (69,000), Michigan (48,000), Texas (28,000), Georgia (23,000) and California (23,000). These five states accounted for about 41% of all completed foreclosures nationally.
States with the lowest numbers of completed foreclosures included the District of Columbia (128), North Dakota (317), West Virginia (482), Alaska (653) and Montana (695).