Foreclosure Rate Down 24% as Serious Delinquencies at 8-Year Low

Approximately 434,000 homes in the U.S. were in some phase of foreclosure as of February 2016, compared to 571,000 in February of last year, a sharp decrease of 23.9 percent, according to CoreLogic’s latest update.

This marks the 52nd consecutive month with a year-over-year decline.
As of February 2016, the foreclosure inventory represented 1.2 percent of all homes with a mortgage, compared to 1.5 percent in February 2015, CoreLogic reports.
There were 34,000 completed foreclosures across the nation in February, down from 38,000 in February of last year. That’s still a good distance away from the pre-crisis average. Before the decline in the housing market in 2007-2008, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
The seriously delinquent rate is at 3.2 percent, the lowest level since November 2007, CoreLogic says.
“More income and improved household finances have helped bring serious delinquency rates down in nearly every state,” said Frank Nothaft, chief economist at CoreLogic. “However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces.”

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