September Foreclosures Down Nearly 20%
CoreLogic released its September 2015 National Foreclosure Report before the markets opened on Tuesday. What really stood out in this report was that the number of completed foreclosures in September 2015 is a decrease of 52.8% from the peak of 117,438 in September 2010.
Completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6 million completed foreclosures across the country, and since home ownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure.
In September, the foreclosure inventory declined by 24.3% and completed foreclosures declined by 17.6%, compared with September 2014. The number of foreclosures nationwide decreased year over year from 67,000 in September 2014 to 55,000 in September 2015.
As of September 2015, the national foreclosure inventory included approximately 470,000, or 1.2%, of all homes with a mortgage, compared with 621,000 homes, or 1.6%, in September 2014.
Sam Khater, deputy chief economist for CoreLogic, commented on the report:
The largest improvements in the foreclosure inventory continue to be in judicial states on the East Coast such as Florida and New Jersey. While the overwhelming majority of states are experiencing declines in their foreclosure rates, four states experienced small increases compared with a year ago.
Anand Nallathambi, president and CEO of CoreLogic, added:
The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards. As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007.