Foreclosure Levels Continue to Plummet – NMP Skip to main content

Foreclosure Levels Continue to Plummet

Phil Hall
May 10, 2016
The U.S. foreclosure inventory in March fell by 23.2 percent from and completed foreclosures declined by 14.9 percent compared with one year earlier, according to new data from CoreLogic

The U.S. foreclosure inventory in March fell by 23.2 percent from and completed foreclosures declined by 14.9 percent compared with one year earlier, according to new data from CoreLogic. As of March, the national foreclosure inventory included approximately 427,000, or 1.1 percent, of all homes with a mortgage, a 1.4 decline from one year earlier and the lowest level since October 2007.

The number of mortgages in serious delinquency also fell, taking a 19.1 percent year-over-year tumble. The 1.2 million mortgages in serious delinquency is the lowest level since November 2007.

The five states with the highest number of completed foreclosures for the 12 months ending in March—Florida (69,000), Michigan (48,000), Texas (28,000), Georgia (23,000) and California (23,000)—accounted for about 41 percent of all completed foreclosures nationally.

"Delinquencies and foreclosure rates are now at pre-crash levels as the benefits of higher home prices, improving economic fundamentals and years of cautious underwriting are being felt across the country," said Anand Nallathambi, president and CEO of CoreLogic. "Longer term, as loans made since 2009 account for a larger share of outstanding debt, we anticipate that the serious delinquency rate will have further substantive declines."

Published
May 10, 2016
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022