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Tag Archives: Foreclosure Inventory

Foreclosure Inventory, Completions Continue Decline Toward Pre-Crisis Levels

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.

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Delinquency Rate Drops Below 5 Percent For First Time Since 2007

The delinquency rate (percentage of residential mortgage loans 30 days or more past due but not in foreclosure) dropped to 4.70 percent for March (approximately 2.38 million loans), the first time the rate has been below 5 percent since August 2007. The rate fell by 12 percent since February, the largest month-over-month decline in nine years.

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Foreclosure Completions Down Two-Thirds From 2010 Peak

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).

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Foreclosure Starts Leveling Off After Spiking to Start 2015

Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services' February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.

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Foreclosure Starts Retreat After Spiking in January

Foreclosure starts dropped by 15 percent month-over-month in February, down to 79,700, the lowest level since November 2014 and their third lowest total for any month in at least seven years, according to Black Knight. This decline in foreclosure starts came just one month after the number swelled to 94,300 in January, the highest level since December 2013. Analysts concluded at that time that the spike in foreclosure starts for January was likely due to seasonality and not a forming trend.

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Analyst: Recent Spike in Foreclosure Starts Likely Due to Seasonality

According to Black Knight, however, one stat experienced an increase – foreclosure starts jumped by 5.5 percent year-over-year in January up to their highest level since December 2013. About 51 percent of January's reported total of 94,300 foreclosure starts were repeat foreclosures, according to Black Knight. January's spike in foreclosure starts is likely attributed more to seasonality than any type of pattern that may be forming, according to Black Knight's SVP of Loan Data Products, Trey Barnes.

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Foreclosure Inventory Drops By One-Third Year-Over-Year

Completed foreclosures have totaled approximately 5.5 million nationwide since the height of the financial crisis in September 2008 and have totaled approximately 7 million since homeownership peaked in the second quarter of 2004. January's foreclosure rate of 1.4 percent, meaning 1.4 percent of all residential homes with a mortgage nationwide are in some state of foreclosure, was the lowest level reported since March 2008. Year-over-year, the foreclosure rate was down 0.6 percentage points, from 2.0 percent reported in January 2014.

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Survey: Delinquency, Foreclosure Inventory Rates Fall to Lowest Levels Since 2007

Both the delinquency rate and the foreclosure inventory rate in Q4 2014 for residential mortgage loans fell to their lowest levels since 2007, according to the Mortgage Bankers Association's National Delinquency Survey released Wednesday. The delinquency rate, which includes loans that are at least one payment past due but not loans in foreclosure, fell to a seasonally-adjusted rate of 5.68 percent in Q4 for all mortgage loans outstanding at the end of the quarter, the lowest level since the third quarter of 2007.

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