U.S. Homes in Foreclosure Down 33% from Year Ago; Serious Delinquency Rates Drop to 7-Year Low

Bank-Foreclosures778The seriously delinquent rate for U.S. mortgages was at 4.0 percent by the end of January, the lowest level since June 2008 — while foreclosures completed were down by nearly a quarter compared to a year ago, according to CoreLogic’s latest figures.
About 549,000 homes in the United States were in some stage of foreclosure as of January 2015, compared to 822,000 in January 2014. That’s a significant decrease of 33.2 percent.
About 43,000 foreclosures were completed in January 2015, a 22.5 percent year-over-year decline from 55,000 in January 2014, CoreLogic reported.
By comparison, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006, before the housing market crash of 2007-2008.

On a month-over-month basis, completed foreclosures were up by 14.7 percent in Janaury. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
“Job growth and home-value appreciation have worked to push the serious delinquency rate to the lowest since mid-2008 and foreclosures down by one-third from a year ago. With economic growth in 2015 expected to be better than last year, further declines in both delinquencies and foreclosures are projected for this year,” said Frank Nothaft, chief economist at CoreLogic.
Inventories of foreclosed homes have decreased substantially in all states, with even Florida seeing overdue progress.
“The foreclosure inventory continues to shrink with declines in all 50 states over the past 12 months,” Anand Nallathambi, president and CEO of CoreLogic. “Florida, one of the hardest hit states during the foreclosure crisis, experienced a decline of almost 50 percent year over year which is outstanding news,”

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