Tag Archives: foreclosure completions

A new report revealed that foreclosure rates are down to pre-crisis levels for the first time since the recession. Here is a look at other major performance metrics and their impact on the housing market.

The nationwide share of residential homes in foreclosure is at its lowest level in eight years, but it remains high in a few areas. What states account for a large portion of the country's homes in foreclosure?

The number of completed foreclosures surged from 37,000 in August up to 55,000 in September, an increase of 49.5 percent, largely due to an annual public auctioning of thousands of tax-foreclosed properties in Wayne County, Michigan, where Detroit is the county seat, according to CoreLogic. By comparison, foreclosure completions averaged about 21,000 per month in the pre-recession years from 2000 to 2006.

The current data for foreclosures and mortgage delinquencies shows significant improvement compared to data from five years ago, the universally accepted peak of the mortgage crisis, according to HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.

Foreclosure starts and foreclosure completions were also down over the year, according to the OCC. Servicers initiated 70,728 foreclosures during Q2, which was down from 11.3 percent in the same quarter in 2014. Completed foreclosures during Q2 totaled 37,725, which was a drop of 23.4 percent from a year earlier

Non-foreclosure solutions continued to outpace completed foreclosures by a rate of approximately five to one in April while serious delinquencies continued their steady decline, according to data released on Wednesday by HOPE NOW, an industry-created private sector alliance of mortgage ...

Completed foreclosure sales totaled approximately 96,000 for Q1 2015, down from 126,000 in the same quarter a year earlier, according to HOPE NOW – a decline of approximately 24 percent. Foreclosure starts jumped by 3 percent year-over-year in Q1 (from 219,000 up to 225,000) and about 10 percent quarter-over-quarter (from 205,000 up to 225,000).

Foreclosure inventory also fell substantially year-over-year in March, declining by 25.7 percent down to about 542,000 mortgages (about 1.4 percent of all mortgages nationwide) – marking the 41st consecutive month of year-over-year declines, according to CoreLogic. In March 2014, there were about 729,000 residential homes, or 1.9 percent of mortgages nationwide, that were in some stage of foreclosure.

The industry provided 147,000 non-foreclosure solutions for distressed homeowners in February compared to 28,000 completed foreclosures for the month, a ratio of more than five to one, according to HOPE NOW.

Foreclosure inventory, which is the number of homes in some state of foreclosure, totaled 553,000 in February (about 1.4 percent of all residential mortgages nationwide), the lowest total since March 2008 and a year-over-year decline of 27.3 percent from February 2014, when there were 761,000 homes in some state of foreclosure (1.9 percent of all residential mortgages).