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CoreLogic: Foreclosure inventory drops 31.5% YOY in October

The U.S. foreclosure inventory dropped 31.5% in October, and completed foreclosures declined 24.9% compared to the year-ago period, CoreLogic reported.

Completed foreclosures during the month came in at 30,000, down from 40,000 in October 2015. The month's completed foreclosures marked a 74.7% decrease from the peak of 118,287 in September 2010.

As of October, the national foreclosure inventory comprised approximately 328,000 homes, or 0.8% of all homes with a mortgage, compared to 479,000 homes, or 1.2%, in October 2015.

CoreLogic also reported that the number of homes in serious delinquency decreased by 24.8% from October 2015 with 1 million mortgages, or 2.5%, in this category. This marks the lowest level since August 2007. Decreases were seen in 47 states and Washington, D.C.

CoreLogic President and CEO Anand Nallathambi said in a statement: "Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation."

CoreLogic chief economist Frank Nothaft pointed out that New York and New Jersey saw the highest serious delinquency rates, despite large declines in foreclosure rates.

Florida, Michigan, Texas, Ohio and Georgia had the highest number of completed foreclosures in the 12 months ended in October, with these five states accounting for 36% of national completed foreclosures. Washington, D.C.; North Dakota; West Virginia; Alaska; and Montana had the lowest number of completed foreclosures during the period.

New Jersey; New York; Maine; Hawaii; and Washington, D.C., had the highest foreclosure inventory rate in October while Colorado, Minnesota, Arizona, Utah and Michigan had the lowest foreclosure inventory rates.