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DS News Webcast: Wednesday 8/11/2015

With nearly a 30 percent year-over-year decline in June, the nation's foreclosure inventory rate is at 1 point 2 percent, the lowest level since 2007, according to CoreLogic's June 2015 National Foreclosure Report released Tuesday. The foreclosure inventory rate has now declined year-over-year for 44 consecutive months, including June. The 1.2 percent foreclosure inventory rate represented about 472,000 homes, down from 664,000 in June 2014.

The serious delinquency rate also took a substantial drop in June 2015 down to 3. 5 percent, about 1.3 million homes, the lowest number since January 2008. Completed foreclosures dropped by nearly 15 percent year-over-year in June from 50,000 to 43,000. The number of completed foreclosures nationwide in June 2015 represented a 63.3 percent decline from their peak of 117,000 reached in September 2010.

Independent monitor Joseph A. Smith, Jr. concluded his investigation of Ocwen Financial's Internal Review Group with the determination that issues surrounding the Atlanta-based servicer's IRG have been sufficiently addressed. The monitor's team launched an investigation in May 2014 after hearing from an Ocwen employee about "serious deficiencies in Ocwen's internal review group process." Smith is overseeing Ocwen's compliance with the terms of the 2012 National Mortgage Settlement.

About Author: Jordan Funderburk


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