CoreLogic’s National Foreclosure Report for December 2016, released on Feb. 14, 2017, shows there were 21,000 completed foreclosures nationally which is down from 36,000 in December 2015. Seriously delinquent rate is at 2.6 percent which is the lowest level since June 2007. Approximately 335,000 homes in the U.S. were in some stage of foreclosure, compared to 467,000 in December 2015.
“While the decline in serious delinquency has been geographically broad, some oil-producing markets have shown the effects of low oil prices on the housing market. Serious delinquency rates rose in Louisiana, Wyoming, and North Dakota, reflecting the weakness in oil production,” says Frank Nothaft, chief economist at CoreLogic.
A CoreLogic analysis shows 21,000 foreclosures were completed in December 2016, a 39.8 percent year-over-year decline from 36,000 in December 2015. By comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. On a month-over-month basis, completed foreclosures were down by 1.9 percent. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
The foreclosure rate, currently at 0.8 percent, is back to June 2007 levels. Approximately 329,000 homes in the U.S. were in some stage of foreclosure as of December 2016, compared to 467,000 in December 2015, a decrease of 29.5 percent. This was the 62nd consecutive month with a year-over-year decline. As of December 2016, the foreclosure inventory represented 0.8 percent of all homes with a mortgage, compared to 1.2 percent in December 2015.
“Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years. We expect to see further declines in delinquency and foreclosure rates in 2017. As the foreclosure inventory diminishes, we must look ahead and tackle tight housing supply and growing affordability issued which are keeping many potential homebuyers, especially first-time buyers, on the sidelines,” says Anand Nallathambi, president and CEO of CoreLogic.
Foreclosure Inventory by State
Twenty-nine states have an inventory of foreclosed homes lower than the national rate. Sixteen states showed declines of more than 30 percent in year-over-year foreclosure, inventory, with Washington (-42.1 percent), and Florida (-41.1 percent) experiencing the greatest year-over-year declines.
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CoreLogic (NYSE:CLGX) is one of the leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory, and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance, and mitigate risk. Headquartered in Irvine, California, CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.