This week data powerhouse CoreLogic released their National Foreclosure Report showing that there were 37k completed foreclosures in August, down 42.4% from one year ago. Nationwide there were approximately 351k homes in foreclosure (down 29.6% year over year) representing 0.9% of all homes with a mortgage – the lowest inventory rate since 2007. The five states (representing 35% of all foreclosures) with the largest number of foreclosed homes were; Florida (55k), Texas (27k), Ohio (23k), California (22k) and Georgia (21k).
“Foreclosure inventory fell by 30 percent from the previous year, the largest year-over-year decline since January 2015,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The large decline in the distressed inventory has been one of the drivers of steady home price growth which helps Americans increase their home equity to support increased spending or cushion future economic risk.”
