Foreclosure Inventory Fell by 30% YOY in December

Irvine, CA, February 14, 2017--Foreclosure inventory declined by 30% and completed foreclosures declined by 40% compared with December 2015, according to CoreLogic’s December 2016 National Foreclosure Report. The number of completed foreclosures nationwide decreased year over year from 36,000 in December 2015 to 21,000 in December 2016, representing a decrease of 82% from the peak of 118,336 in September 2010.

Since the financial crisis began in September 2008, there have been approximately 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.6 million homes lost to foreclosure.

As of December 2016, the national foreclosure inventory included approximately 329,000, or 0.8%, of all homes with a mortgage compared with 467,000 homes, or 1.2%, in December 2015.

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 19.4% from December 2015 to December 2016 with 1 million mortgages, or 2.6%, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with year-over-year decreases in serious delinquency in 48 states and the District of Columbia.