October Foreclosure Inventory Falls 31.5% YOY

Irvine, CA, December 14, 2016—Foreclosure inventory declined by 31.5% and completed foreclosures declined by 24.9% compared with October 2015, according to CoreLogic’s October 2016 National Foreclosure Report.

The number of completed foreclosures nationwide decreased year over year from 40,000 in October 2015 to 30,000 in October 2016, representing a decrease of 74.7% from the peak of 118,287 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 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure.

As of October 2016, the national foreclosure inventory included approximately 328,000, or 0.8%, of all homes with a mortgage, compared with 479,000 homes, or 1.2%, in October 2015.

CoreLogic also reports that the number of mortgages in serious delinquency declined by 24.8% from October 2015 to October 2016, with 1 million mortgages, or 2.5%, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with decreases in serious delinquency in 47 states and the District of Columbia.