This week data powerhouse CoreLogic released their May 2016 National Foreclosure Report showing that nationwide foreclosure inventory declined by 24.5% with completed foreclosures declining by 6.9%, compared with May 2015. The actual number of completed foreclosures decreased from 41k in May 2015 to 38k in May 2016 – representing a 67.9% decrease from its peak of 117,813 in September 2010. In addition, the nationwide foreclosure inventory was approximately 309k homes (1% of all home with a mortgage and the lowest since 10/07) compared to 517k in May 2015.
“Delinquency and foreclosure rates continue to drop as we experience the benefits of a combination of tight underwriting, job and income growth and a steady rise in home prices. We expect these factors to remain in place for the remainder of this year and for delinquency and foreclosure rates to decline even further,” said Anand Nallathambi, president and CEO of CoreLogic.