There were about 34,000 completed foreclosures in July – a decrease of 6.8% compared with about 36,000 in June and a decrease of 16.5% compared with 41,000 in July 2015, according to CoreLogic’s National Foreclosure Report.
What’s more, completed foreclosures were down 71.2% from the peak of 118,009 in September 2010.
As of the end of July, there were about 355,000 homes in the foreclosure inventory – or about 0.9% of all homes with a mortgage – which is a decrease of 3.9% compared with June. That’s down 29.1% compared with 501,000 homes – or 1.3% of all homes with a mortgage – in July 2015.
Since the financial crisis began in September 2008, there have been approximately 6.4 million completed foreclosures nationally. Since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure.
As of the end of July, about 1.1 million mortgages – or 2.9% – were in serious delinquency (defined as 90 days or more past due, including loans in foreclosure or real estate owned). That’s a decrease of 17.3% compared with July 2015.
“Loan modifications, foreclosures, and stronger housing and labor markets have each played a role in bringing the foreclosure rate to the lowest level in nine years,” said Frank Nothaft, chief economist for CoreLogic, in a release. “The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives, which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009.”
“Foreclosure rates declined year over year in all states except North Dakota, which experienced a six percent increase in its foreclosure inventory related to the drop in energy-related jobs,” added Anand Nallathambi, president and CEO of CoreLogic. “Importantly, judicial states like New Jersey and New York have continued to work through their large inventory of homes in foreclosure proceedings.”