The nation’s foreclosure inventory, or the share of residential mortgage loans in some state of foreclosure, is only a fraction of what it was at its peak. A large portion of the foreclosure inventory that is remaining is concentrated in a just a few states, according to CoreLogic’s October 2015 National Foreclosure Report released Tuesday. The number of residential homes in foreclosure nationwide at the end of October totaled approximately 463 thousand, or 1 point 2 percent of all homes with a mortgage—is lowest level since November 2007. October’s total was a decline of about 21 point 5 percent from the end of October 2014.
The remaining foreclosure inventory is concentrated in a few states. As of the end of October, only 16 states plus the District of Columbia had foreclosure rates higher than the national average for the month of 1 point 2 percent. The leader was New Jersey with 4 point 5 percent, followed by New York, Hawai, Florida, and Washington, D.C. The October foreclosure inventory for the top four states, while still high, represented substantial declines from a year earlier.
Freddie Mac completed its first bulk sale of deeply delinquent single-family residential mortgage loans from its mortgage investment portfolio in two months when it sold via auction more than 5 thousand 3 hundred deeply delinquent non-performing loans serviced by Wells Fargo Bank, according to an announcement by Freddie Mac on Tuesday. The loans sold in five pools with an aggregate unpaid principal balance of 1 point 1 billion dollars. Pretium Mortgage Credit Partners was the winning bidder for three of the pools, while Rushmore Loan Management Services and 21st Mortgage Corporation won the other two pools.