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Foreclosures down across the nation

Posted by The Aramco Group on Wed, Sep 13, 2017 @ 17:09 PM

The number of American households within some point of the foreclosure process dropped slightly in June. June data shows that thirty day-plus delinquencies declined by 0.8 percent on a yearly-basis, according to CoreLogic. Currently, mortgage delinquencies are at 4.5 percent – down from 5.3 percent last year.

The overall foreclosure rate is now at a ten-year low and 48 states (excepting Alaska and North Dakota) have seen at least some improvement in the number of delinquencies.

"The CoreLogic Home Price Index increased six percent and payroll employment grew by 2.2 million jobs in the year ending June 2017, supporting further declines in delinquency rates," said CoreLogic's chief economist, Frank Nothaft. "The forecast for the coming year includes five percent home-price appreciation and further job growth, putting renewed downward pressure on mortgage delinquency rates."

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent while 15-year rates are near 3.125 percent.

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