Foreclosures have dropped off massively since their 2010 peak
Foreclosures fell precipitously in 2016, according to new data from CoreLogic.
There were 21,000 completed foreclosures in December, according to CoreLogic. That’s 15,000 less than December of 2015.
The Irvine-based analytics provider reported a 30% decrease in foreclosure inventory and a 40% decline in completed foreclosures year-over-year.
December’s 21,000 completed foreclosures is an 82% drop from the peak of 118,336 in September 2010.
There have been about 8.6 million homes lost to foreclosure since the homeownership rate reached its height in the second quarter of 2004, and approximately 5.6 million homes have been foreclosed upon since the recession began in September 2008.
The number of mortgages in serious delinquency decreased by 19.4% year-over-year, with 1 million mortgages seriously delinquent. That’s 2.6% of all mortgages – the lowest since August 2007.
Anand Nallathambi, president and CEO of CoreLogic, said the company expects delinquency and foreclosure to continue their downward slide this year.
“Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years,” Nallathambi said. “As the foreclosure inventory diminishes, we must look ahead and tackle tight housing supply and growing affordability issues which are keeping many potential homebuyers, especially first-time buyers, on the sidelines.”
Related stories:
Morning Briefing: Completed foreclosures fell sharply in the year to December
Foreclosure inventory down by 30%
There were 21,000 completed foreclosures in December, according to CoreLogic. That’s 15,000 less than December of 2015.
The Irvine-based analytics provider reported a 30% decrease in foreclosure inventory and a 40% decline in completed foreclosures year-over-year.
December’s 21,000 completed foreclosures is an 82% drop from the peak of 118,336 in September 2010.
There have been about 8.6 million homes lost to foreclosure since the homeownership rate reached its height in the second quarter of 2004, and approximately 5.6 million homes have been foreclosed upon since the recession began in September 2008.
The number of mortgages in serious delinquency decreased by 19.4% year-over-year, with 1 million mortgages seriously delinquent. That’s 2.6% of all mortgages – the lowest since August 2007.
Anand Nallathambi, president and CEO of CoreLogic, said the company expects delinquency and foreclosure to continue their downward slide this year.
“Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years,” Nallathambi said. “As the foreclosure inventory diminishes, we must look ahead and tackle tight housing supply and growing affordability issues which are keeping many potential homebuyers, especially first-time buyers, on the sidelines.”
Related stories:
Morning Briefing: Completed foreclosures fell sharply in the year to December
Foreclosure inventory down by 30%
