CoreLogic: Foreclosures Still Declining
CoreLogic’s most recent foreclosure statistics (November 2016) showed 26,000 completed housing foreclosures nationally. The number represents a 26% decline from 35,000 in November 2015, with the 2.5% seriously delinquent rate at its lowest level since August 2007. Approximately 325,000 homes in the U.S. were in some stage of foreclosure, versus 465,000 the year before. The foreclosure rate of 0.8% is back to July 2007 levels, with foreclosure inventory recording 61 straight months of declines.
Though 30 states have a foreclosed inventory even lower than the national average, states including New Jersey, New York and Hawaii are experiencing a foreclosed inventory of 2.8%, 2.6% and 1.7%, respectively. Meanwhile, Florida, Minnesota, Texas, Ohio and Georgia accounted for almost half of completed foreclosures from November 2015 to November 2016.
CoreLogic president and CEO Anand Nallathambi indicated that appreciation in home prices is boosting home-equity wealth per homeowner, as well as spending power. The combination, he noted, is “spurring a continued drop in defaults.”
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