Tag Archives: Foreclosure Inventory

CoreLogic reported that in June 2015, New York's foreclosure inventory rate (the percentage of residential mortgages in some state of foreclosure) was 3.7 percent, three times the national rate for the month of 1.3 percent and second among states (New Jersey had 4.7 percent).

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.

Foreclosure starts totaled 79,000 in June, which was the second-lowest lowest post-crisis monthly total, according to Black Knight. The lowest post-crisis monthly foreclosure start volume of 73,500 occurred in April 2015. Foreclosure starts have totaled less than 100,000 every month since January 2014.

On a year-over-year basis, foreclosure inventory—residential homes in some state of foreclosure—declined by 27 percent nationwide, down to about 491,000 homes, according to CoreLogic. This number represents about 1.3 percent of all residential homes with a mortgage nationwide. In May 2014, about 676,000 homes were in foreclosure, comprising 1.7 percent of all mortgages nationwide.

Aged foreclosure inventory, which is comprised of residential mortgage loans in active foreclosure that are at least two years delinquent, has seen significant improvement in the last seven months, according to Black Knight Financial Services' May 2015 Mortgage Monitor released Monday.

Increasing home values have played a role in reducing foreclosure inventory, since homeowners who either have little equity or are underwater tend to have higher default rates. Nothaft said homeowners underwater by 20 percent or more had a default rate that was four times that of homeowners with a current LTV ratio of 80 percent.

Overall, the number of delinquent mortgages jumped by 98,000 up to about 2.5 million in May. Despite the increase in delinquent loans for the last two months, the delinquency rate is still down by 12 percent from May 2014 and is at its lowest point since the summer of 2007, according to Black Knight.

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.

"Despite a slow and steady improvement in most housing market fundamentals, too many families remain in default of their mortgage obligations," said Anand Nallathambi, President and CEO of CoreLogic. "The percent of homeowners with a mortgage that have missed three or more monthly payments or are in foreclosure proceedings dropped to 3.6 percent in our April data. While well below the record peak of nearly 9 percent and the lowest in more than seven years, it remains about double the pre-2007 rate."