Foreclosure inventory was down by 31.5% and completed foreclosures declined by 24.9% in October 2016 when compared with October 2015, according to a new report from CoreLogic. There were 30,000 completed foreclosures in October 2016, down by 10,000 from 40,000 for the same time last year. These numbers represent a 74.7% decline from the September 2010 peak of 118,287.

There have been about 6.5 million completed foreclosures nationally since the financial crisis began in 2008, and 8.5 million homes lost to foreclosure since the peak of homeownership in the second quarter of 2004.

Approximately 328,000 of all homes with a mortgage were in foreclosure for October 2016, compared with 479,000 homes in October 2015.

One million mortgages were in serious delinquency. A decline of 24.8% from October 2015 to October 2016, the lowest level since August 2007.

According to CoreLogic, the five states with the highest number of completed foreclosures in the 12 months ending in October 2016, were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000), and Georgia (20,000).These five states accounted for 36 percent of completed foreclosures nationally.

Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October 2016: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622), and Montana (660).

Four states and the District of Columbia had the highest foreclosure inventory rate in October 2016: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent), and the District of Columbia (1.6 percent).

The five states with the lowest foreclosure inventory rate in October 2016, were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent), and Michigan (0.3 percent).

“Loan performance varies by the health of the local economy and housing market. Alaska, North Dakota, and Wyoming, three states with energy-related job loss, experienced a rise in serious delinquency rates while all other states had a decline,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Although there were large declines in foreclosure rates in New York and New Jersey, both states experienced the highest serious delinquency rates in the nation, reflecting lagging home values in most neighborhoods and an unemployment rate above the national average.”

“Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation,” said Anand Nallathambi, president and CEO of CoreLogic. “Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October.”

Here are some charts from CoreLogic:


Erik Sandstrom
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