Foreclosures Down 40% Year Over Year

Data powerhouse CoreLogic recently released their National Foreclosure Report for December 2016 showing that nationwide foreclosure inventory declined 30% and completed foreclosures declined by 40% compared with December 2015.  The number of completed foreclosures in December was 21k, versus 36k one year ago.  Notably this number represents a decrease of 82% from September 2010’s peak of 118,336.  Nationwide there were approximately 329k homes in foreclosure representing 0.8% of all homes with a mortgage – compared with 467k (1.2%) in December 2015.  In addition, the five states with the highest number of completed foreclosures in the 12 months ending in December ’16 were Florida (45k), Michigan (30k), Texas (24k), Ohio (21k) and California (19k).  Taken together, these five states account for 36% of completed foreclosures.

“As the foreclosure inventory diminishes, we must look ahead and tackle tight housing supply and growing affordability issues which are keeping many potential homebuyers, especially first-time buyers, on the sidelines,” said Anand Nallathambi, president and CEO of CoreLogic.

Click here to read the full report on CoreLogic.