Completed foreclosures experienced another substantial year-over-year decline in March, moving even further away from their peak from nearly five years ago, according to CoreLogic's March 2015 National Foreclosure Report released on Tuesday. Foreclosure inventory also fell substantially year-over-year in March, declining by 25.7 percent down to about 542,000 mortgages, about 1.4 percent of all mortgages nationwide. March 2015 marked the 41st consecutive month of year-over-year declines in foreclosure inventory.
The number of completed foreclosures totaled 41,000 for March 2015 – a decline of 15.5 percent from the previous March and about 65 percent from their peak experienced in September 2010. The number of mortgages in serious delinquency fell year-over-year by 19 percent in March, down to about 1.5 million mortgages, representing 3 point 9 percent of all mortgages nationwide. March's serious delinquency rate of 3.9 percent is the lowest since May 2008.
The U.S. Department of Justice has made a non-public motion to have a lawsuit dismissed that was filed by MetLife four months ago over the too big to fail tag which the government applied to the New York-based global insurance provider. MetLife sued the Financial Stability Oversight Council in the U.S. District Court for the District of Columbia in January to have the designation of nonbank "systemically important financial institution" removed, saying it will result in increased costs to consumers without any added safety benefit for the financial system.