Category Archives: foreclosure

Number of foreclosures continues to decrease

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Foreclosures have dropped nearly 40 percent year-to-year, according to CoreLogic’s recently-released December 2016 National Foreclosure Report.

In December 2016, there were 21,000 completed foreclosures, down 15,000 from December 2015. In December 2015, about 467,000 houses were in a stage of disclosure, compared to 335,000 a year later.

Additionally, the seriously delinquent rate was 2.6 percent in December, the lowest it has been since June of 2007. The serious delinquent rate is those homes that are 90 days or more past due, including loans in foreclosure or REO.

“While the decline in serious delinquency has been geographically broad, some oil-producing markets have shown the effects of low oil prices on the housing market. Serious delinquency rates have rose in Louisiana, Wyoming and North Dakota, reflecting the weakness in oil production,” said Frank Nothaft, the chief economist at CoreLogic.

The national foreclosure inventory has dropped as well. From November to December 2016, it fell 1.9 percent, the 62nd month in a row that it declined. Year-to-year, foreclosure inventory decreased 29.5 percent.

The foreclosure rate of all homes with a mortgage dipped below 1 percent, falling to .8 percent, once again matching June 2007 levels.

In Pennsylvania, the foreclosure inventory is 1.1 percent, slightly above the national average, but nowhere near New Jersey (2.8 percent) and New York (2.7 percent). Year-to-year, the commonwealth saw a decrease of 29.1 percent in foreclosure inventory. The number of completed foreclosures for the year 2016 in Pennsylvania was 13,366, and Pennsylvania’s serious delinquency rate is above the national average, at 3.5 percent.

“Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years,” said CoreLogic President and CEO Anand Nallathambi.

Completed foreclosures down 25 percent from last November

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Foreclosures were down 25.9 percent in November 2016, compared to November 2015, according to CoreLogic’s National Foreclosure Report for November.

In November 2016, 26,000 completed foreclosures happened across the country, a decrease from 35,000 in November 2015. Homes in various states of foreclosure also decreased significantly, from 465,000 in November 2015 to 333,000 in November 2016, representing a decrease of 30 percent. Of all homes with a mortgage, 0.8 percent are in a state of foreclosure, a rate that matches June 2007.

Month-to-month, foreclosures were down 2.4 percent from October to November 2016, marking it 61 months in a row of year-to-year decreases in foreclosures.

CoreLogic also reported that the seriously delinquent rate is at 2.5 percent lowest level in nearly a decade, since August 2007.

“The decline in serious delinquency has been substantial, but the default rate remains high in select markets. Serious delinquency rates were the highest in New Jersey and New York at 5.6 percent and 5 percent, respectively. In contrast, the lowest delinquency rate occurred in Colorado at 0.9 percent, where a strong job market and home price growth have enabled more homeowners to stay current,” said Frank Nothaft, the chief economist at CoreLogic.

In Pennsylvania, 1.1 percent of mortgaged homes were a part of the foreclosure inventory in November 2016, according to CoreLogic. This is a decrease of 30.3 percent from November 2015. Between November 2015 and November 2016, 18,451 homes completed a foreclosure. The seriously delinquent rate in the commonwealth is 3.4 percent.

New Jersey, New York, Hawaii, Maine and Washington, D.C. had the highest foreclosure inventory as a percentage of homes with mortgages, while Colorado, Arizona, California, Minnesota and Utah had the lowest, according to CoreLogic.