32
FORECLOSURE
INVENTORY
PLUMMETS YEAR-
OVER-YEAR
August saw a 32.8 percent decline in
foreclosure inventory from August 2013,
marking the 34th consecutive month
with a year-over-year decrease, according
to CoreLogic's August National Foreclosure
Report released on ursday.
According to CoreLogic, 1.6 percent
of all residential mortgages, a total of
approximately 629,000 homes, were in some
phase of the foreclosure process in August.
ese numbers represent a significant
downturn from the same month a year ago,
when CoreLogic reported that 936,000
homes were in some stage of foreclosure,
comprising 2.4 percent of all residential
mortgages nationwide.
"Clearly there has been a large
improvement in the market in the last few
years, but five years into the economic
expansion the foreclosure inventory remains
at nearly three times the normal level,"
said Sam Khater, deputy chief economist
at CoreLogic. "Since homeownership
rates peaked in the second quarter of
2004, there have been 7 million completed
foreclosures, which account for 15 percent of
all mortgages."
CoreLogic reported 45,000 completed
foreclosures in August nationwide, down 22.2
percent from the 58,000 that were reported
in August 2013. e report noted that prior
to the decline of the housing market in 2007,
completed foreclosures averaged 21,000 per
month.
e rate at which mortgage loans were
seriously delinquent (90 days or more past
due or in some stage of foreclosure) was
reported at 4.3 percent for August, according
to CoreLogic. In all, 1,646 loans were
seriously delinquent in August, a decline of
1.7 percent from July and 21.8 percent from
August 2013.
Foreclosure inventory declined by 2.6
percent from July to August, according to
CoreLogic. Completed foreclosures dropped
by 1.1 percent month-over-month.
In August, the 12-month sum of
completed foreclosures for the period ending
in August 2014 was at 576,000, its lowest
point since December 2007. Like foreclosure
inventory, the 12-month sum of completed
foreclosures has declined for 34 months in a
row, according to CoreLogic.
