The foreclosure crisis that began to rock the housing market and millions of Americans nearly 10 years ago has been on a long-but-steady recovery. And now there’s a new milestone in the rebound, according to CoreLogic‘s newly-released report, based on data for September.
About 340,000 homes in the U.S. were in some stage of foreclosure as of September 2016, compared to 493,000 in September 2015, a decrease of 31 percent. As of September, the foreclosure inventory represented 0.9 percent of all homes with a mortgage, compared to 1.3 percent a year earlier.
The foreclosure rate is now back at August 2007 levels, a time when the housing and financial markets were on the eve of a full-blown crisis.
September marked the 59th consecutive month with a year-over-year decline in the foreclosure rate.
“The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities,” said Anand Nallathambi, president and CEO of CoreLogic. “Heading into 2017, we see that prices, performance and production — the three most important drivers of the real estate markets — are all improving.”
More positive news: September’s serious delinquency rate dropped by 25 percent, compared to a year earlier. That’s the third consecutive monthly decline.
“This improvement is continued evidence of the recovery in the housing market, especially given that the decreases were fairly uniform in most cities across the country,” said Frank Nothaft, chief economist at CoreLogic.