CoreLogic® released its January 2016 National Foreclosure Report today, showing that foreclosure inventory declined by 21.7% and completed foreclosures declined by 16.2% compared with January 2015. The number of completed foreclosures across the U.S. had went down from 46,000 in January 2015, to 38,000 in January 2016, and down 67.6% from the peak of 117,743 in September 2010.
There have been approximately 6.1 million completed foreclosures across the country since the financial crisis started in 2008.
According to CoreLogic, the report shows that the January 2016 foreclosure inventory rate has been steady at 1.2% since October of 2015, and is the lowest for any month since November 2007.
Mortgages in serious delinquency (defined as 90 days or more past due, including loans in foreclosure or REO) is the lowest in eight years, since November 2007. It declined by 22.5% from January 2015 to January 2016, with 1.2 million mortgages, or 3.2 percent.
Here are some more highlights from the CoreLogic January 2016 National Foreclosure Report:
* The five states with the highest number of completed foreclosures for the 12 months ending in January 2016, were Florida (74,000), Michigan (49,000), Texas (29,000), California (25,000), and Ohio (24,000). 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 January 2016: the District of Columbia (97), North Dakota (298), Wyoming (551), West Virginia (589), and Alaska (707).
* Four states and the District of Columbia had the highest foreclosure inventory rates in January 2016: New Jersey (4.3 percent), New York (3.5 percent), Hawaii (2.4 percent), Florida (2.3 percent), and the District of Columbia (2.3 percent).
* The five states with the lowest foreclosure inventory rate in January 2016, were Alaska (0.3 percent), Minnesota (0.4 percent), Colorado (0.4 percent), Arizona (0.4 percent), and Utah (0.4 percent).
Dr. Frank Nothaft, chief economist for CoreLogic had issued this statement along with the report,
“In January, the national foreclosure rate was 1.2 percent, down to one-third the peak from exactly five years earlier in January 2011, a remarkable improvement. The months’ supply of foreclosure fell to 12 months, which is modestly above the nine-month rate seen 10 years earlier and indicates the market’s ability to clear the stock of foreclosures is close to normal.”
“The improvement in distressed properties continues across the country in every state which is contributing to the lack of stock of available homes and resulting price escalation in many markets,” said Anand Nallathambi, president and CEO of CoreLogic. “So far the trend toward lower delinquency and foreclosures has been immune from shocks from such things as the collapse in oil prices attesting to the durability of the housing recovery.”