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10 2016

Foreclosure inventory drops to pre-recession levels

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Foreclosure inventory dropped in June to pre-recession levels, according to data from CoreLogic. CoreLogic is a global property information, analytics and data-enabled solutions provider.

The national foreclosure inventory for June included about 375,000 homes. This accounts for approximately 1 percent of all homes with a mortgage. It is a decrease from 1.3 percent in June 2015. This marks the lowest inventory rate for any month since August of 2007.

The number of mortgages in serious delinquency are also down. The rate has declined by 21.3 percent year over year. The serious delinquency rate for June was also the lowest in nine years according to CoreLogic.

CoreLogic’s June 2016 National Foreclosure Report also reports completed foreclosures were down 4.9 percent compared to June 2015. Completed foreclosures are down 67.5 percent. They peaked at 117,835 in September of 2010.

“Mortgage loan performance depends on the economic health of local markets, with varied differences even within a state,” said 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 Obama Administration has created a number of programs to assist homeowners who are struggling to pay their mortgage and are at risk of foreclosure. The majority of these programs are administered through the U.S. Treasury Department and the U.S. Department of Housing and Urban Development (HUD). If you or someone you know is at risk of foreclosure, click here for a complete list of programs available.