Tuesday, June 09, 2015

CoreLogic: "Number of Loans in Foreclosure Lowest Since 2007"

by Bill McBride on 6/09/2015 04:37:00 PM

From CoreLogic: Number of Loans in Foreclosure Lowest Since November 2007

CoreLogic reported today that the national foreclosure inventory fell by 24.9 percent year over year in April 2015 to approximately 521,000 homes, or 1.4 percent of all homes with a mortgage. This marks 42 months of consecutive year-over-year declines ... Also in April 2015, the 12-month sum of completed foreclosures continued to decline, dropping by 19.8 percent to 538,000 since April 2014. The seriously delinquent inventory fell to 1.4 million loans, a 22.1-percent year-over-year decline.
CoreLogic Foreclosure Inventory Click on graph for larger image.

The report today was for April. Here is a map from the March report that shows foreclosure inventory by state.

Some key "bubble" states - like Arizona and California - have mostly recovered.

Several judicial foreclosure states - like New Jersey and Florida - are still struggling.

From CoreLogic today:
Judicial foreclosure states, on average, continued to have higher foreclosure rates than non-judicial states, averaging 2.3 percent and 0.7 percent, respectively, in April 2015. The foreclosure rate for judicial states peaked in February 2012 at 5.4 percent, while non-judicial states experienced peak foreclosure rates in January 2011. As of April 2015, 42 percent of outstanding mortgages were in judicial states, but 70 percent of total loans in foreclosure were in those states.