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Foreclosure metrics were way down across the board again in July 2015, as pre-sale foreclosure inventory dropped to its lowest level since December 2007 and completed foreclosures were down by nearly 25 percent year-over-year, according to CoreLogic's July 2015 National Foreclosure Report released Tuesday. Completed foreclosures for July 2015 totaled approximately 38,000, which was a 24.4 percent declined from the previous July's total of 50,000. July 2015's total represented a 68 percent decline from the peak number of completed foreclosures of 117 thousand reached in September 2010.
Foreclosure inventory dropped by 27.9 percent year-over-year in July 2015, from 650,000 homes, or 1.7 percent of all residential mortgages, to about 469,000 homes, or 1.2 percent of all residential mortgages. July 2015's rate of 1.2 percent was the lowest for foreclosure inventory since December 2007. The number of serious delinquencies dropped by 23 percent year-over-year in July 2015 down to 3 .4 percent of all mortgages, about 1.3 million homes. Like foreclosure inventory, serious delinquencies fell to their lowest level since December 2007.
Goldman Sachs received a victory on Tuesday in a class action lawsuit accusing the investment banking firm of knowingly selling $2 billion worth of toxic mortgage-backed securities to investors in 2007 before the financial crisis. A federal judge in New York ruled that there was no evidence that Goldman knew the securities would fail or that Goldman failed to disclose any known risk to the securities. Tuesday's verdict ended a five-year long court battle.
