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Foreclosures drop to lowest level since 2007

Posted by The Aramco Group on Tue, Feb 21, 2017 @ 14:02 PM

The number of homes in foreclosure fell sharply in December on a year-over-year basis. This follows new reports of wage growth nationwide and the volume of bankruptcies declining significantly.

According to the latest data from CoreLogic, foreclosure inventory fell 30 percent and completed foreclosures are down 40 percent from December 2015. There were 21,000 completed foreclosures in December – 15,000 less than the same month the prior year.

The end-of-year figures represent an 82 percent drop from the peak of 118,336 per month seen in 2010.

"Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years," said CoreLogic's President and CEO Anand Nallathambi. "We expect to see further declines in delinquency and foreclosure rates in 2017."

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent while 15-year rates are near 3.375 percent.

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