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Foreclosures decline sharply year-over-year in August

Posted on Wednesday, October 14, 2015 at 9:18:30 AM

In August, both foreclosure inventory and completed foreclosures declined sharply year-over-year.

The August 2015 National Foreclosure Report compiled by CoreLogic showed that foreclosure inventory fell 25.2 percent and completed foreclosures dropped by 20.1 percent on an annual basis, according to a press release. Nationwide, the total number of foreclosures decreased from 46,000 in August 2014 to 36,000 in August 2015. Over the last five years, since such properties hit their peak, their totals have tumbled. In September 2010, completed foreclosures hit 117,357, a 68.9 percent fall. 

In August 2015, the national foreclosure inventory - at around 470,000 properties - represented 1.2 percent of all homes with a mortgage, or 1.2 percent, compared with 629,000 homes, or 1.6 percent of all houses with a mortgage, one year before. 

Additionally, mortgages in serious delinquency also fell significantly year-over-year. This category of residential financing saw home loans 90 days or more overdue fall by 20.7 percent from August 2014 to August 2015. 

"In August, the housing market experienced solid and steady increases in sales, prices and performance and our preview data indicates those trends will continue in September," Anand Nallathambi, president and CEO of CoreLogic, said in a press release. "Longer term, the recent increase in household formations and rapidly improving labor market for millennials will provide a demographic tailwind to the housing market and keep demand firm."

The state with the highest foreclosure inventory rate was New Jersey at 4.6 percent, while the lowest could be found in Alaska at 0.3 percent.