Tag Archives: completed foreclosures

With national foreclosure inventory and serious delinquencies now back to pre-crisis levels, is this the new normal for the foreclosure landscape?

Completed foreclosures are way down year-over-year but still concentrated in a handful of areas around the country.

The number of completed foreclosures was down year-over-year in February, but still way above pre-crisis levels.

As more jobs are added each month and the unemployment rate has dipped to pre-recession levels, the number of foreclosed homes has seen a corresponding substantial decline.

Foreclosures have been on a rapid steady decline for the last five-plus years since hitting their peak in 2010. How is this affecting the rest of the housing market?

Whether or not housing has "recovered" is still being debated, but this much is certain: the foreclosure rate is one-third of what it was at its peak five years ago, an improvement deemed "remarkable" and "solid" by one economist.

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.

Two of the top three metro areas in the category of 12-month sum of completed foreclosures were located in Florida: Tampa-St. Petersburg-Clearwater was first with 16,750 and Orlando-Kissimmiee-Sanford was third with 12,970.

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. Although the national foreclosure inventory rate is back to pre-recession levels, the rate remains high in select areas hit hardest by the crisis, such as Florida and New Jersey.

CoreLogic's April 2015 National Foreclosure Report released this week found that four metropolitan areas accounted for 10 percent of the nation's completed foreclosures for the 12-month period ending April 30, 2015. In addition, about 45 percent of the completed foreclosures during that same period occurred in five states.