Foreclosure Inventory at Nine-Year Low – NMP Skip to main content

Foreclosure Inventory at Nine-Year Low

Phil Hall
Sep 13, 2016
The U.S. foreclosure inventory plummeted 29.1 percent in July on a year-over-year measurement

The U.S. foreclosure inventory plummeted 29.1 percent in July on a year-over-year measurement, while the volume of completed foreclosures fell from 41,000 in July 2015 to 34,000 one year later, a 16.5 percent slide, according to new data from CoreLogic.

The national foreclosure inventory included approximately 355,000 homes in July, or 0.9 percent of all residential properties, which is the lowest level for any month since August 2007. One year earlier, the foreclosure inventory stood at 501,000 homes, or 1.3 percent of all residential properties.

CoreLogic also reported that the number of mortgages in serious delinquency dropped 17.3 percent from July 2015 to July 2016, with 1.1 million mortgages, or 2.9 percent, in this category. The decline encompassed 47 states and the District of Columbia.

The five states with the highest number of completed foreclosures in the 12 months ending in July were Florida (57,000), Michigan (45,000), Texas (27,000), Ohio (23,000) and California (21,000). These five states account for almost 40 percent of all completed foreclosures nationally.

"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. "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."

Published
Sep 13, 2016
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021