Skip to main content

Foreclosure and Delinquency Rates Continue to Plummet

Jul 14, 2015
Foreclosure Pic House for Sale

The U.S. foreclosure inventory declined by 27.4 percent and completed foreclosures declined by 19.2 percent in a year-over-year measurement during May, according to the latest National Foreclosure Report issued by CoreLogic. May’s 41,000 completed foreclosures represent a 64.9 percent drop from the September 2008 peak, while national foreclosure inventory of approximately 491,000 covered 1.3 percent of all homes with a mortgage, compared with 676,000 homes (1.7 percent) one year earlier in May 2014. CoreLogic added that this was the lowest foreclosure rate recorded since December 2007.

CoreLogic found the number of mortgages in serious delinquency was down by 22.7 percent in a year-over-year measurement in May, with 1.3 million mortgages (or 3.5 percent of all mortgages), marking the lowest serious delinquency rate since January 2008. On a month-over-month basis, the number of seriously delinquent mortgages declined by 3.4 percent.

Anand Nallathambi, president and CEO of CoreLogic, warned that the declining numbers did not signal an end to the foreclosure crisis.

“While the nation’s seriously delinquent rate—3.5 percent—is at its lowest level since January 2008, it remains very high in several big markets,” said Nallathambi. “The greater New York City region and central Florida continue to have some of the highest serious delinquency rates, almost doubling the national level. Default rates remain elevated in the Chicago and Baltimore metro areas as well.”

The five states with the highest number of completed foreclosures for the 12 months ending in May were Florida (104,000), Michigan (46,000), Texas (33,000), California (28,000) and Ohio (27,000). These five states accounted for almost half of all completed foreclosures nationally, according to CoreLogic.

About the author
Jul 14, 2015
STRATMOR, Teraverde Deal A 'Merger Of Equals'

The recent merger of mortgage advisory firms came without the need to lay people off or make any major staffing changes.

May 23, 2024
NEXA Pays Loan Officers 100% Of Commission Splits

LOs won't pay per-file fees or other hidden fees with NEXA100, says NEXA Founder and CEO Mike Kortas.

May 22, 2024
The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

May 21, 2024
123 Newrez Employees Laid Off In Florida and Colorado

WARN Notices were filed the day after Computershare Mortgage Services, SLS acquisition closed.

May 07, 2024
Ishbia Predicts A Rate Cut By Election Day

CEO of United Wholesale Mortgage shares 'personal perspective' in new YouTube video

May 03, 2024
Yield Curve, Schmield Curve?

The yield curve is a harbinger, not the be-all, end-all for lenders.

May 02, 2024