US foreclosure inventory down
According to CoreLogic’s September 2016 National Foreclosure Report, U.S. foreclosure inventory declined by 31.1 percent and completed foreclosures declined by 7.0 percent compared with September 2015. The number of completed foreclosures nationwide decreased year over year from 39,000 in September 2015 to 36,000 in September 2016, representing a decrease of 69.7 percent from the peak of 118,222 in September 2010.
The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure.
“September’s serious delinquency rate dropped by 25 percent compared to a year earlier, the third consecutive monthly acceleration in the rate of decline,” said Dr. Frank Nothaft, chief economist for CoreLogic. “This improvement is continued evidence of the recovery in the housing market, especially given that the decreases were fairly uniform in most cities across the country.”