Look Out Below! Foreclosure Rates Continue Plummeting – NMP Skip to main content

Look Out Below! Foreclosure Rates Continue Plummeting

Phil Hall
Dec 13, 2016

To borrow a lyric from Bruce Springsteen, the foreclosure level is “goin’ down, down, down, down.” According to CoreLogic’s October 2016 National Foreclosure Report, the foreclosure inventory declined by 31.5 percent and completed foreclosures declined by 24.9 percent compared since October 2015, while the number of completed foreclosures nationwide decreased from 40,000 in October 2015 to 30,000 in October 2016.

As of October, CoreLogic added, the national foreclosure inventory included approximately 328,000, or 0.8 percent, of all homes with a mortgage, compared with 479,000 homes, or 1.2 percent a year earlier. Furthermore, the number of mortgages in serious delinquency dropped by 24.8 percent from October 2015 to October 2016, with one million mortgages, or 2.5 percent, in serious delinquency—representing the lowest level since August 2007. The five states with the highest number of completed foreclosures in the 12 months ending in October—Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000)—represented 36 percent of completed foreclosures nationally.

“Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation,” said Anand Nallathambi, president and CEO of CoreLogic. “Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October.”

Published
Dec 13, 2016
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021