National Foreclosure Inventory Drops Back to 1%

Foreclosure Rate

Tuesday’s CoreLogic National Foreclosure Report indicated that the inventory of properties in some state of foreclosure had dropped to only 390,000, which represents 1% of all mortgaged homes in the United States. The previous year’s inventory contained 517,000 such properties. This shift representes a 24.5% decline from last year’s 1.3% overall foreclosure rate. The foreclosure inventory rate as of May 2016 is the lowest for any month since October of 2007. A 3% drop in foreclosures was record from just April to May of 2016. Other good news contained in the report indicated that the serious delinquency rate (90 days or more past due, including foreclosures) dropped to 2.8%. This is the lowest that the rate has been in 8 years, with the total number of loans in this category totaled at 1.1 million. The top five states with the highest number of completed foreclosures were:
  1. Florida – 63,000
  2. Michigan – 45,000
  3. Texas – 27,000
  4. Ohio – 23,000
  5. California – 23,000
The highest foreclosure inventory rates found went to:
  1. New Jersey – 3.6%
  2. New York – 3.2%
  3. Hawai’i – 2.1%
  4. District of Columbia – 2.0 %
  5. Main – 1.9%