Foreclosures, Delinquencies, Backlogs all Shrink Year-Over-Year

Completed foreclosures declined byrnnearly a quarter over the course of 2014 CoreLogic said today, and thernforeclosure inventory has improved even further, down nearly one-third over thern12 months ended in January 2015.  Accordingrnto CoreLogic’s National Foreclosure Report, a significant decline was alsornposted year-over-year in the serious delinquency rate.</p

There were 43,000 completedrnforeclosures in January compared to 55,000 in January 2014.  It was the 37^th consecutive monthrnof year-over-year declines in the number of homes lost to foreclosure and representedrna 63 percent drop from the peak of foreclosure activity in September 2010. Thernnumber of completed foreclosures rose in January by 14.7 percent from thern37,000 reported in December.  Anrnestimated 5.5 million homes have been lost to foreclosure since September 2008rnwhich is generally considered the beginning of the housing crisis. </p

The five states with the highest numberrnof completed foreclosures for the 12 months ending in January 2015 were:rnFlorida (111,000), Michigan (51,000), Texas (34,000), California (30,000) andrnGeorgia (28,000). These five states accounted for almost half of all completedrnforeclosures nationally.</p

The national foreclosure inventory nowrnconsists of approximately 549,000 homes that are in some stage ofrnforeclosure.  This is a decrease of 33.2rnpercent since January 2014 when the inventory stood at 822,000. As a percentagernof the total homes in the U.S. with a mortgage the inventory rate is 1.4rnpercent compared to 2.0 percent one year earlier and the lowest rate sincernMarch 2008.  As of January the inventoryrnhad shrunk on an annual basis for 39 consecutive months and for the last 28rnmonths those changes have been in double digits.   </p

“The foreclosure inventoryrncontinues to shrink with declines in all 50 states over the past 12rnmonths,” said Anand Nallathambi, president and CEO of CoreLogic.rn”Florida, one of the hardest hit states during the foreclosure crisis,rnexperienced a decline of almost 50 percent year over year, which is outstandingrnnews.”</p

Four states and the District ofrnColumbia experienced the highest foreclosure inventory as a percentage of allrnmortgaged homes: New Jersey (5.2 percent), New York (4.0 percent), Florida (3.5rnpercent), Hawaii (2.7 percent) and the District of Columbia (2.5 percent).</p

An estimated 1.5 million homes were consideredrnseriously delinquent, that is 90 days or more past due or in foreclosure, inrnJanuary, a rate of 4.0 percent. This was the lowest delinquency rate since Junern2008.</p

“Job growth and home-valuernappreciation have worked to push the serious delinquency rate to the lowestrnsince mid-2008 and foreclosures down by one-third from a year ago,” saidrnFrank Nothaft, chief economist at CoreLogic. “With economic growth in 2015rnexpected to be better than last year, further declines in both delinquenciesrnand foreclosures are projected for this year.”

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