This week real estate data powerhouse CoreLogic released their February 2016 National Foreclosure Report which shows national foreclosure inventory declined by 23.9% and completed foreclosures declined by 10%, both numbers year-over-year.
The number of completed foreclosures nationwide decreased year over year from 38k in February 2015 to 34k in February 2016. The number of completed foreclosures in February 2016 was down 71.3% from the peak of 117,776 in September 2010. As of February ’16, the national foreclosure inventory included approximately 434,000, or 1.1%, of all homes with a mortgage compared with 571k homes, or 1.5%, in February 2015.
February 2016’s foreclosure inventory rate is the lowest for any month since November 2007.
“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state. However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces.”
Click here to read the full report on CoreLogic.
