This week data powerhouse CoreLogic released their National Foreclosure Report showing that there were 34k completed foreclosures in July, down 16.5% from one year ago. Across the country, 0.9% of all homes with a mortgage are in the foreclosure inventory, compared with 1.3% in July 2015. Overall, there were 355k homes in some stage of foreclosure. Interestingly, five states account for nearly 40% of all completed foreclosures. They are; Florida (57k), Michigan (45k), Texas (27k), Ohio (23k), and California (21k).
“Loan modifications, foreclosures, and stronger housing and labor markets have each played a role in bringing the foreclosure rate to the lowest level in nine years. The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009. Said Frank Nothaft, chief economist at CoreLogic.”
Click here to read the full report on Corelogic.com.
