Completed Foreclosures Down 24% Year-Over-Year, But Crisis Far From Over

The latest analysis from CoreLogic shows 38,000 foreclosures were completed in July 2015, a 24 percent year-over-year decline from 50,000 in July 2014.

But the foreclosure crisis persists despite consistently encouraging data over the past three years. Before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. The July 2015 figure of 38,000 foreclosures is 80 percent higher than the pre-crisis average.
Approximately 469,000 homes in the United States were in some stage of foreclosure this past July, compared to 650,000 in July 2014
On a month-over-month basis, completed foreclosures were down by 6.2 percent. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
On the positive side, this was the 45th consecutive month with a year-over-year decline. As of July 2015, the foreclosure inventory represented 1.2 percent of all homes with a mortgage, compared to 1.7 percent in July 2014.
Meanwhile, the seriously delinquent rate Is at 3.4 Percent, the lowest level since December 2007.
“Job market gains and home-price appreciation help to push serious delinquency and foreclosure rates lower,” said Frank Nothaft, chief economist at Corelogic. “Home prices in July rose 6.9 percent from a year earlier, building equity for homeowners.”
Further easing the waning foreclosure crisis: 2.4 million jobs were created, pushing the unemployment rate down from 6.2 percent in July 2014 to 5.3 percent this July and “supporting family income growth for most owners,” Nothaft added.

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