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Foreclosure Inventory Declines By Over 20%

Data from CoreLogic shows the foreclosure inventory declined by 23.4 percent and completed foreclosures declined by 15.8 percent 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 percent from the peak of 117,813 in September 2010.

The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.2 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.3 million homes lost to foreclosure.

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As of April 2016, the national foreclosure inventory included approximately 406,000, or 1.1 percent, of all homes with a mortgage compared with 530,000 homes, or 1.4 percent, in April 2015. The April 2016 foreclosure inventory rate is the lowest for any month since September 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 21.6 percent from April 2015 to April 2016, with 1.1 million mortgages, or 3 percent, in this category. The April 2016 serious delinquency rate is the lowest in more than eight years, since October 2007.

“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” said Dr. Frank Nothaft, chief economist for CoreLogic. “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 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,” said Anand Nallathambi, president and CEO of CoreLogic. “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.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

CoreLogic: December Foreclosures Fall A Lot

CoreLogic released its December 2015 National Foreclosure Report, which shows the foreclosure inventory declined by 23.8 percent and completed foreclosures declined by 22.6 percent compared with December 2014. The number of completed foreclosures nationwide decreased year over year from 41,000 in December 2014 to 32,000 in December 2015. The number of completed foreclosures in December 2015 was down 72.8 percent from the peak of 117,722 in September 2010.

The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.1 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure.

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As of December 2015, the national foreclosure inventory included approximately 433,000, or 1.1 percent, of all homes with a mortgage compared with 568,000 homes, or 1.5 percent, in December 2014. The December 2015 foreclosure inventory rate is the lowest for any month since November 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including loans in foreclosure or REO) declined by 23.3 percent from December 2014 to December 2015, with 1.2 million mortgages, or 3.2 percent, in this category. The December 2015 serious delinquency rate is the lowest in eight years, since November 2007.

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“Reflecting on the full-year foreclosure results for 2015, we can see that completed foreclosures are down more than 20 percent for the year, which is the lowest level since 2006, before the crisis,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Maryland, which can be described as a suburb of the solid D.C. market, led the way with a 59-percent decline in foreclosures in 2015.”

“The supply of distressed inventory continues to shrink rapidly. While this is positive for the housing market overall, it also drives a decline in the inventory of affordable for-sale homes,” said Anand Nallathambi, president and CEO of CoreLogic. “The lack of housing stock, particularly affordable inventory, is a growing issue and will limit a full housing recovery in the short to medium term.”

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CoreLogic: Foreclosures Down Over 20%

Data from CoreLogic shows the foreclosure inventory declined by 21.5 percent and completed foreclosures declined by 27.1 percent in October of this year compared with October 2014. The number of completed foreclosures nationwide decreased year over year from 51,000 in October 2014 to 37,000 in October 2015. The number of completed foreclosures in October 2015 was down 68.2 percent from the peak of 117,543 in September 2010.

The foreclosure inventory is the share of all homes at some stage of the foreclosure process, and completed foreclosures reflect the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure.

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As of October 2015, the national foreclosure inventory included approximately 463,000, or 1.2 percent, of all homes with a mortgage compared with 589,000 homes, or 1.5 percent, in October 2014. This is lowest rate since November 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 19.7 percent from October 2014 to October 2015 with 1.3 million mortgages, or 3.4 percent, in this category. This is the lowest serious delinquency rate since December 2007.

“Improved economic conditions and more foreclosure completions have pushed the foreclosure rate lower,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The national unemployment rate declined to 5.0 percent in October, the lowest since December 2007, and the CoreLogic national Home Price Index has risen 37 percent from its trough.”

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“We are heading into 2016 with the lowest foreclosure inventory in eight years thanks to escalating home values and progressive improvement in the U.S. economy. A large proportion of the remaining foreclosure inventory is clustered in New York, New Jersey and Florida,” said Anand Nallathambi, president and CEO of CoreLogic. “Equally encouraging is the drop in mortgage delinquency rates reflecting the stronger labor market and tighter underwriting since 2009.”

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

RealtyTrac: Foreclosure Starts Increase

RealtyTrac released its U.S. Foreclosure Market Report for October 2015, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 115,134 U.S. properties in October, an increase of 6 percent from the previous month but still down 6 percent from a year ago. The report also shows one in every 1,147 U.S. housing units with a foreclosure filing during the month.

The 6 percent monthly increase in overall foreclosure activity was caused primarily by a 12 percent monthly jump in foreclosure starts, with 48,605 properties starting the foreclosure process for the first time in October. The October monthly increase was the largest month-over-month increase since August 2011, when there was a 24 percent month-over-month increase. Despite the month-over-month increase, foreclosure starts in October were still down 14 percent from a year ago.

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“We’ve seen a seasonal increase in foreclosure starts in October for the past five consecutive years, so it’s not too surprising to see the monthly increase this October,” said Daren Blomquist, vice president at RealtyTrac. “However, the 12 percent increase this October is more than double the average 5 percent monthly increase in the past five Octobers, and the even more dramatic monthly increases in some states is certainly a concern. The upward trend in foreclosure starts in those states in some cases could be an indication of fissures in economic fundamentals driving more distress and in other cases is more likely an indication of long-term delinquencies finally entering the foreclosure pipeline.”

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October foreclosure starts increased from the previous month in 34 states, including California (up 21 percent), Florida (up 13 percent), New Jersey (up 15 percent), Illinois (up 20 percent), Maryland (up 300 percent), Washington (up 34 percent), and Michigan (up 37 percent).

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

September Foreclosures Continue To Decline

Data from CoreLogic shows the foreclosure inventory declined by 24.3 percent and completed foreclosures declined by 17.6 percent compared with September 2014. The number of foreclosures nationwide decreased year over year from 67,000 in September 2014 to 55,000 in September 2015. The number of completed foreclosures in September 2015 is a decrease of 52.8 percent from the peak of 117,438 in September 2010.

Completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure.

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As of September 2015, the national foreclosure inventory included approximately 470,000, or 1.2 percent, of all homes with a mortgage compared with 621,000 homes, or 1.6 percent, in September 2014.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 21.2 percent from September 2014 to September 2015 with 1.3 million mortgages, or 3.4 percent, in this category. This is the lowest serious delinquency rate since December 2007. The foreclosure rate (defined as the share of all loans in the foreclosure process) was at 1.2 percent as of September 2015, which is back to the December 2007 level.

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“The largest improvements in the foreclosure inventory continue to be in judicial states on the East Coast such as Florida and New Jersey,” said Sam Khater, deputy chief economist for CoreLogic. “While the overwhelming majority of states are experiencing declines in their foreclosure rates, four states experienced small increases compared with a year ago.”

“The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards,” said Anand Nallathambi, president and CEO of CoreLogic. “As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007.”

Progress In Lending
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CoreLogic: Foreclosures Fall A Lot

Data from CoreLogic shows the foreclosure inventory declined by 25.2 percent and completed foreclosures declined by 20.1 percent compared with August 2014. The number of foreclosures nationwide decreased year over year from 46,000 in August 2014 to 36,000 in August 2015, representing a decrease of 68.9 percent from the peak of 117,357 completed foreclosures in September 2010.

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Completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.9 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been nearly 8 million homes lost to foreclosure.

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As of August 2015, the national foreclosure inventory included approximately 470,000, or 1.2 percent, of all homes with a mortgage compared with 629,000 homes, or 1.6 percent, in August 2014.

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CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 20.7 percent from August 2014 to August 2015 with 1.3 million mortgages, or 3.5 percent, in this category. This is the lowest serious delinquency rate since January 2008. The foreclosure rate (defined as the share of all loans in the foreclosure process) was at 1.2 percent as of August 2015, which is back to January 2008 levels.

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“Mortgage performance continues to improve, however there is a dichotomy between the performance of recently originated loans and legacy loans. Newly delinquent loans are at the lowest rates during the last two decades. That reflects the tight underwriting and improved economy during the last few years,” said Frank Nothaft, chief economist for CoreLogic. “However, the foreclosure pipeline of legacy loans remains elevated. Over the last 12 months, there have been 500,000 completed foreclosures, more than double the number during normal periods.”

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“In August, the housing market experienced solid and steady increases in sales, prices and performance and our preview data indicates those trends will continue in September,” said Anand Nallathambi, president and CEO of CoreLogic. “Longer term, the recent increase in household formations and rapidly improving labor market for millennials will provide a demographic tailwind to the housing market and keep demand firm.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Foreclosures Are Still Declining

CoreLogic released its December National Foreclosure Report, which shows there were 39,000 completed foreclosures nationwide in December 2014, down from 46,000 in December 2013. This represents a year-over-year decrease of 13.7 percent and a decrease of 66 percent from the peak of completed foreclosures in September 2010. The 12-month sum of completed foreclosures for 2014, at 563,294, is at its lowest point since November 2007 when it was 589,570 and has declined every month for the past 34 consecutive months. On a month-over-month basis, completed foreclosures were down 4.9 percent from the 41,000 reported in November 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.5 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.

As of December 2014, approximately 552,000 homes were in some stage of foreclosure, known as the foreclosure inventory, compared to 840,000 in December 2013, a year-over-year decrease of 34.3 percent and representing 38 consecutive months of year-over-year declines. The foreclosure inventory as of December 2014 made up 1.4 percent of all homes with a mortgage, compared to 2.1 percent in December 2013. On a month-over-month basis, the foreclosure inventory was down 2.9 percent from November 2014. The current foreclosure rate of 1.4 percent is back to March 2008 levels.

“In 2014, the annual sum of completed foreclosures declined 15 percent from the 662,000 reported in 2013,” said Sam Khater, deputy chief economist at CoreLogic. “Completed foreclosures last year were less than half the 1.2 million peak in 2010, but remain twice the level of normal activity over 10 years ago.”

“The steady decline in the number of completed foreclosures is a good sign of healing in the U.S. housing market,” said Anand Nallathambi, president and CEO of CoreLogic. “Nonetheless, there remain many pockets of the country with very high foreclosure inventories, underscoring the unevenness of the nation’s housing recovery.”

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Year-Over-Year Foreclosures Drop

According to CoreLogic, for the month of November 2014, there were 41,000 completed foreclosures nationally, down from 46,000 in November 2013, a year-over-year decrease of 9.6 percent and down 64 percent from the peak of completed foreclosures in September 2010. On a month-over-month basis, completed foreclosures were down 12.6 percent from the 47,000 reported in October 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.5 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.

As of November 2014, approximately 567,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory, compared to 880,000 in November 2013, a year-over-year decrease of 35.5 percent and representing 37 consecutive months of year-over-year declines. The foreclosure inventory as of November 2014 made up 1.5 percent of all homes with a mortgage, compared to 2.2 percent in November 2013. On a month-over-month basis, the foreclosure inventory was down 3.3 percent from October 2014. The current foreclosure rate of 1.5 percent is the lowest inventory level since March 2008.

“The foreclosure rate fell in every state, with only the District of Columbia seeing a small increase,” said Molly Boesel, senior economist. “However, some states still have foreclosure rates of more than twice the national rate. While the national level of foreclosures may normalize in the next two years, there will always be the potential for some pockets of distress in the mortgage market.”

“The number of completed foreclosures over the past twelve months—just under 575,000—are at the lowest level in seven years. This month’s figure of 41,000 foreclosures is in line levels experienced in the second half of 2007, which was the very beginning of the housing crisis,” said Anand Nallathambi, president and CEO of CoreLogic. “At current foreclosure rates, we expect to see the foreclosure inventory in the U.S. to drop below 500,000 homes sometime in the first quarter of 2015 which would be another milestone in the healing of the housing market.”

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Foreclosures Fall, But Inventory Still High

CoreLogic released its October National Foreclosure Report, which provides data on completed U.S. foreclosures and the foreclosure inventory. According to CoreLogic, for the month of October 2014, there were 41,000 completed foreclosures nationally, down from 55,000 in October 2013, a year-over-year decrease of 26.4 percent and down 65 percent from the peak of completed foreclosures in September 2010. On a month-over-month basis, completed foreclosures were down by 34.1 percent from the 62,000 reported in September 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.3 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.

As of October 2014, approximately 605,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory, compared to 875,000 in October 2013, a year-over-year decrease of 30.9 percent and representing 36 consecutive months of year-over-year declines. The foreclosure inventory as of October 2014 made up 1.6 percent of all homes with a mortgage, compared to 2.2 percent in October 2013. On a month-over-month basis, the foreclosure inventory was down 2.1 percent from September 2014. The current foreclosure rate of 1.6 percent is the lowest inventory level since May 2008.

“While there has been a large improvement in the reduction of foreclosure inventory, completed foreclosures remain high and serve as one of the obstacles to new single-family construction,” said Sam Khater, deputy chief economist for CoreLogic. “Until the flow of completed foreclosures declines to normal levels, new-home construction will not pick up because builders have little incentive to compete with foreclosure stock.”

“The foreclosure inventory is less than 2 percent and seriously delinquent loans are trending lower right now,” said Anand Nallathambi, president and CEO of CoreLogic. “At current rates, we can expect the foreclosure inventory to slip below 500,000 units during 2015.”

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Year-Over-Year Foreclosures Dip

CoreLogic has released its May National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 one year prior, a year-over-year decrease of 9.4 percent. On a month-over-month basis, completed foreclosures were up by 3.8 percent from the 45,000 reported in April 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5 million completed foreclosures across the country.

As of May 2014, approximately 660,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1 million in May 2013, a year-over-year decrease of 37 percent. The foreclosure inventory as of May 2014 represented 1.7 percent of all homes with a mortgage, compared to 2.6 percent in May 2013. The foreclosure inventory was down 4.8 percent from April 2014,representing 31 months of consecutive year-over-year declines.

“Significant gains have been made in the last year to reduce the foreclosure stock,” said Mark Fleming, chief economist for CoreLogic. “Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1 percent, which is more than twice the 0.9 percent average that is occurring in non-judicial states.”

“The pace of completed foreclosures slowed in May compared to last month but I expect this to be a temporary respite,” said Anand Nallathambi, president and CEO of CoreLogic. “There is still much more hard work to do to clear the backlog of foreclosed properties. Although difficult, we need to continue to aggressively clear distressed homes to ensure the return of a healthy housing market.”

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