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CoreLogic: Foreclosure inventory down 24.5% YOY in May

Foreclosure inventory in the U.S. decreased 24.5% year overyear in May, while completed foreclosures fell 6.9%, CoreLogic reported.

Completed foreclosures during the month came to 38,000, downfrom 41,000 in May 2015, representing a 67.9% decline from the peak of 117,813in September 2010.

Month over month, completed foreclosures rose 5.5% from36,000 in April.

As of May, the national foreclosure inventory comprised ofabout 390,000, or 1.0%, of all homes with a mortgage compared with 517,000homes, or 1.3%, in May 2015. CoreLogic noted that the May foreclosure inventoryrate marks the lowest for any month since October 2007.

"Delinquency and foreclosure rates continue to drop aswe experience the benefits of a combination of tight underwriting, job andincome growth and a steady rise in home prices. We expect these factors toremain in place for the remainder of this year and for delinquency andforeclosure rates to decline even further," CoreLogic CEO and PresidentAnand Nallathambi said in a statement.

"As we finally move past the housing crisis, we need toincrease our focus on expanding the supply of affordable housing and access tocredit for first-time homebuyers in sustainable ways to ensure the long-termhealth of the U.S. housing market," he added.

Florida, Michigan, Texas, Ohio and California had thehighest number of completed foreclosures in May, while Washington, D.C.; NorthDakota; West Virginia; Alaska; and Montana had the lowest number of completedforeclosures during the period.

New Jersey; New York; Hawaii; Washington, D.C.; and Mainehad the highest foreclosure inventory rates in May, while Alaska, Arizona,Colorado, Minnesota and Utah had the lowest foreclosure inventory rates.