Inman News

13 August 2015

According to CoreLogic, foreclosure inventory dropped by 28.9 percent and completed foreclosures declined by 14.8 percent between June 2014 and June 2015.

The national foreclosure inventory at the end of June included approximately 472,000, or 1.2 percent, of all homes with a mortgage compared with 664,000 homes, or 1.7 percent, in June 2014.

The foreclosure rate of 1.2 percent is the lowest since December 2007.

The number of foreclosures nationwide decreased year over year from 50,000 in June 2014 to 43,000 in June 2015, representing a decrease of 63.3 percent from the peak of 117,119 completed foreclosures in September 2010.

However, on a month-over-month basis, completed foreclosures did increase in June by 4.8 percent from the 41,000 reported in May.

June also posted the lowest serious delinquency rate seen in some time.

According to CoreLogic, the number of mortgages more than 90 days past due declined by 23.3 percent during the 12-month span — with 1.3 million mortgages falling into this category. On a month-over-month basis, the number of seriously delinquent mortgages declined by 3.4 percent.

Frank Nothaft, chief economist at CoreLogic, noted that the decline in foreclosure rates and completed foreclosures is not uniform geographically, as rates vary across metro areas.

Metros that accounted for the highest number of completed foreclosures spanning June 2014 to June 2015 were all located in the South:

• Tampa-St. Petersburg, 16,750
• Atlanta, 14,524
• Orlando, 12,970

No other metros saw more than 10,000 completed foreclosures during the period.

Of note, Houston saw 7,304 completed during the 12-month span, with the Phoenix metro area witnessing 7,114. Of all metros analyzed, Orange County, California — with 1,230 — had the fewest amount of completed foreclosures.

The five states with the highest number of completed foreclosures for the 12 months ending in June 2015 were:

• Florida (102,000)
• Michigan (46,000)
• Texas (33,000)
• California (29,000)
• Ohio (27,000)

According to CoreLogic, these five states accounted for almost half of all completed foreclosures nationally.

Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in June 2015:

• South Dakota (32)
• District of Columbia (107)
• North Dakota (313)
• Wyoming (499)
• West Virginia (566)