RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

National Foreclosure Inventory Down 25.9 Percent

Home Industry News
August 20, 2016
Reading Time: 2 mins read

Real estate sale symbol vector

The foreclosure inventory declined by 25.9 percent and completed foreclosures declined by 4.9 percent compared with June 2015, according to CoreLogic®’s recently released  June 2016 National Foreclosure Report. The number of completed foreclosures nationwide decreased year over year from 40,000 in June 2015 to 38,000 in June 2016, representing a decrease of 67.5 percent from the peak of 117,835 in September 2010.

The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.3 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.4 million homes lost to foreclosure.

As of June 2016, the national foreclosure inventory included approximately 375,000, or 1.0 percent, of all homes with a mortgage compared with 507,000 homes, or 1.3 percent, in June 2015. The June 2016 foreclosure inventory rate is the lowest for any month since August 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 21.3 percent from June 2015 to June 2016, with 1.1 million mortgages, or 2.8 percent, in this category. The June 2016 serious delinquency rate is the lowest in nearly nine years, since September 2007.

“Mortgage loan performance depends on the economic health of local markets, with varied differences even within a state,” says Dr. Frank Nothaft, chief economist for CoreLogic. “Within Texas, the serious delinquency rate in the Dallas metropolitan area has fallen by 0.5 percent from a year earlier, as home prices and employment have continued to rise. The rate in the Midland area, on the other hand, has jumped 0.5 percent, reflecting the weakness in oil production and job loss over the past year.”

“The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market,” says Anand Nallathambi, president and CEO of CoreLogic. “We expect the combination of continued home price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them.”

On a month-over-month basis, completed foreclosures increased by 5.1 percent to 38,000 in June 2016 from the 36,000 reported for May 2016. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

On a month-over-month basis, the foreclosure inventory was down 3.6 percent compared with May 2016. The five states with the highest number of completed foreclosures in the 12 months ending in June 2016 were Florida (60,000), Michigan (47,000), Texas (27,000), Ohio (23,000) and California (22,000). These five states account for almost 40 percent of all completed foreclosures nationally.

Four states and the District of Columbia had the lowest number of completed foreclosures: The District of Columbia (179), North Dakota (321), West Virginia (487), Alaska (639) and Montana (675).

Four states and the District of Columbia had the highest foreclosure inventory rate: New Jersey (3.4 percent), New York (3.1 percent), the District of Columbia (2 percent), Hawaii (2 percent) and Maine (1.9 percent).

The five states with the lowest foreclosure inventory rate were Colorado (0.3 percent), Michigan (0.3 percent), Minnesota (0.3 percent), Nebraska (0.3 percent) and Utah (0.3 percent).

For more information, visit www.corelogic.com.

ShareTweetShare

Related Posts

NAR
Industry News

NAR Praises ‘Big Beautiful Bill’ as ‘Major Win’ for Real Estate

July 3, 2025
Mortgage Rates Post Biggest Drop Since March 2025
Industry News

Mortgage Rates Post Biggest Drop Since March 2025

July 3, 2025
Upbeat New Jobs Report in June Leaves Housing in ‘Holding Pattern’
Agents

Upbeat New Jobs Report in June Leaves Housing in ‘Holding Pattern’

July 3, 2025
The AI Advantage: Experts Share How AI Is Revolutionizing Real Estate—and Why the Potential for Agents Is Limitless
Best Practices

The AI Advantage: Experts Share How AI Is Revolutionizing Real Estate—and Why the Potential for Agents Is Limitless

July 3, 2025
5 Signs a Senior Homeowner May Be Ready to Downsize
Agents

5 Signs a Senior Homeowner May Be Ready to Downsize

July 2, 2025
MRED
Agents

Midwest Real Estate Data Welcomes Quad City Area REALTORS® as Newest Association Partner

July 2, 2025
Please login to join discussion
Tip of the Day

4 Ways to Market to the Next Generation of Buyers

Every new generation has a chance to upend the status quo, introduce new ideas into the zeitgeist and radically shift the priorities of a society. Read more.

Business Tip of the Day provided by

Recent Posts

  • NAR Praises ‘Big Beautiful Bill’ as ‘Major Win’ for Real Estate
  • Mortgage Rates Post Biggest Drop Since March 2025
  • Upbeat New Jobs Report in June Leaves Housing in ‘Holding Pattern’

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X