CoreLogic® released its latest National Foreclosure Report for April 2016 today, showing that the number of homeowners in active foreclosure had went down by 23.4%, and completed foreclosures dropped by 15.8% compared with April 2015. The number of completed foreclosures nationwide decreased year over year from 43,000 in April 2015 to 37,000 in April 2016, representing a decrease of 68.9% from the peak of 117,813 in September 2010.
Mortgages that are in serious delinquency (past due 90 days or more) are currently at the lowest level since October 2007. CoreLogic reported 1.1 million mortgages in serious delinquency, which was a decrease of 21.6% from April 2015 to April 2016.
The current national foreclosure inventory is at approximately 406,000 or 1.1%, of all homes with a mortgage, compared with 530,000 homes or 1.4% in April 2015. April foreclosure inventory was the lowest for any month since September 2007.
There have been approximately 6.2 million completed foreclosures across the nation since the financial crisis began in September 2008. An approximate total of 8.3 million homes have been lost to foreclosure.
Dr. Frank Nothaft, chief economist for CoreLogic had issued this statement along with the report:
“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”
The president and CEO of CoreLogic, Anand Nallathambi had said:
“The number of homeowners who have negative equity has fallen by two-thirds since its 2010 peak, and the number of borrowers in foreclosure proceedings has also continued to drop. Despite this progress, about four million homeowners remained underwater at the end of the first quarter, and these borrowers are more vulnerable to foreclosure proceedings if they should fall delinquent.”
Here are some more charts from the CoreLogic report.