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CoreLogic: Foreclosure inventory drops 29.6% YOY in August

Foreclosure inventory in the U.S. dropped 29.6% year over year in August, and completed foreclosures plunged 42.4%, CoreLogic reported.

Completed foreclosures during the month came in at 37,000, down from 64,000 in August 2015. Completed foreclosures in August marked a 69% decrease from the September 2010 peak of 118,221.

As of August, the national foreclosure inventory comprised approximately 351,000, or 0.9% of all homes with a mortgage, compared to 499,000 homes, or 1.3%, in August 2015. CoreLogic noted that August's foreclosure inventory rate is the lowest since July 2007.

CoreLogic also reported that the number of mortgages in serious delinquency dropped by 20.6% from August 2015, with 1.1 million mortgages, or 2.8%, in this category. This marks the lowest level since September 2007. Decreases were seen in 48 states and Washington, D.C.

"With the foreclosure inventory now under 1 percent nationally, the need to boost single-family housing stocks through new construction will become more acute in the coming months and years," CoreLogic President and CEO Anand Nallathambi said in a statement.

CoreLogic Chief Economist Frank Nothaft noted that the fall in foreclosure inventory represents the largest year-over-year decline since January 2015.

Florida, Texas, Ohio, California and Georgia had the highest number of completed foreclosures in the 12 months ending in August, with the five states accounting for about 35% of all completed foreclosures nationally. The District of Columbia, North Dakota, West Virginia, Alaska and Montana had the lowest number of completed foreclosures during the period.

New Jersey, New York, Maine, Hawaii and the District of Columbia had the highest foreclosure inventory rates in August, while Colorado, Minnesota, Arizona, Utah and Michigan had the lowest foreclosure inventory rates.