Amid the continuing epic decline in foreclosure inventory, there was one notable hiccup in CoreLogic’s September 2015 National Foreclosure Report released on Tuesday—foreclosure completions spiked by nearly 50 percent. The number of completed foreclosures surged from 37 thousand in August up to 55 thousand in September, an increase of 49 point 5 percent, largely due to an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Michigan, where Detroit is the county seat.
The substantial monthly leap in foreclosure completions is just a one-time event, according to CoreLogic Chief Economist Frank Nothaft, and the number of completed foreclosures should return to its pre-September 2015 level in October. He noted that completed foreclosures were down by more than 17 percent year-over-year in September. The 55 thousand foreclosure completions in September were about 53 percent below the peak of 117 thousand from September 2010.
Fannie Mae announced the winners in its third deeply-delinquent non-performing loan sale on Tuesday. The transaction totaled approximately 7 thousand loans in three pools with about 1 point 24 billion in aggregate unpaid principal balance. Fortress, New Residential Investment Corp., was the winner of two of the pools, and Goldman Sachs, MTGLQ Investors, was the winner of the other pool. The loans in the three pools were an average of 41 months delinquent.