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CoreLogic: Foreclosure inventory down 23.2% YOY in March


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CoreLogic: Foreclosure inventory down 23.2% YOY in March

Foreclosureinventory in the U.S. was down 23.2% year over year in March.

Completedforeclosures fell 14.9%, compared with the year-ago period.

Completedforeclosures amounted to 36,000 in March, compared to 42,000 in the year-agoperiod, reflecting a 69.7% drop from the peak of 117,782 completions inSeptember 2010.

Monthover month, completed foreclosures were up 9.3% from 33,000 in February.

Asof March, the national foreclosure inventory comprised nearly 427,000, or 1.1%,of all homes with a mortgage, compared to 556,000 homes, or 1.4%, in March2015. The report noted that the March 2016 foreclosure inventory rate is at itslowest level since October 2007.

"Delinquenciesand foreclosure rates are now at pre-crash levels as the benefits of higherhome prices, improving economic fundamentals and years of cautious underwritingare being felt across the country," Anand Nallathambi, president and CEOof CoreLogic, said. "Longer term, as loans made since 2009 account for alarger share of outstanding debt, we anticipate that the serious delinquencyrate will have further substantive declines."

Florida,Michigan, Texas, Georgia and California had the highest number of completedforeclosures for the 12 months ended in March, while Washington, D.C., NorthDakota, West Virginia, Wyoming and Alaska had the lowest number of completedforeclosures during the period.

NewJersey, New York, Hawaii, Washington, D.C., and Florida had the highestforeclosure inventory as a percentage of all mortgaged homes in March, whileAlaska, Minnesota, Arizona, Colorado and Utah had the lowest foreclosureinventory rates.