The number of residential foreclosure filings in the U.S. declined by 9 percent from October to November despite a yearly spike in the number of foreclosure starts, according to RealtyTrac's U.S. Foreclosure Market Report for November 2014 released Thursday. Residential foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, totaled more than 112,000 nationwide for November – down 9 percent month-over-month and 1 percent year-over-year. Foreclosure filings averaged one for every 1,170 properties in the U.S. in November.
Foreclosure starts, which totaled nearly 56,000 in November, increased year-over-year by 6 percent for the month, ending a streak of 27 consecutive months with a year-over-year decrease. Foreclosure starts inched downward by 1 percent from October to November. Lender repossessions totaled slightly more than 25,000 for November, a decline of 10 percent from October and 17 percent from November 2013. November 2014 was the 24th straight month in which REO activity experienced a year-over-year decline.
The nation's mortgage loan delinquency rate is expected to fall down to 2.51 percent by the end of 2015, its lowest level since prior to the housing bust, according to data released by TransUnion on Wednesday. TransUnion predicted that the mortgage loan delinquency rate, which is the ratio of borrowers 60 or more days past due on mortgage payments, will drop to 3.12 percent by the end of 2014. The projected level of 2.51 percent for the end of 2015 would be the lowest level since Q3 2007's rate of 2.61 percent.