About 1.5 percent of all homes with a mortgage in the United States were in some state of foreclosure in November 2014, the lowest foreclosure rate since March 2008, according to CoreLogic's November 2014 National Foreclosure Report released Wednesday. Foreclosure inventory, which includes homes in any state of foreclosure, plummeted year-over-year in November, falling from 880,000 in November 2013 to 567,000 in November 2014 – a decline of 35.5 percent.
November represented the 37th consecutive month in which the nation's foreclosure inventory declined year-over-year and the 26th straight month in which foreclosure inventory saw a double-digit percentage decline. Foreclosure completions, which represent the number of homes lost to foreclosure, also experienced significant declines in November. In all, about 41,000 foreclosures were completed during the month, compared to 46,000 in November 2013 and the adjusted number of 47,000 for October 2014.
Economic growth continued at a "modest to moderate" pace through November and December, though falling oil prices threaten to disrupt some areas in the coming months, according to reports collected by the Federal Reserve. In the latest Beige Book report released on Wednesday, the Fed said that contacts in most of its 12 districts expect faster growth in the year ahead, though some in the Dallas district are worried about a slowdown as the oil market suffers.