Foreclosure industry sees decline in inventory in annual assessment from CoreLogic
National: The national foreclosure inventory saw a 23.9 percent annual decrease according to information in the February 2016 National Foreclosure Report from CoreLogic.
“Home price gains have clearly been a driving force in building positive equity for homeowners,” said Anand Nallathambi, president and CEO of CoreLogic, in a CoreLogic news release. “Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain heathy and affordable home values into the future.”
Further data shows completed foreclosures down by 10 percent from 2015, and the number of mortgages in serious delinquency (90 days or more past due, including loans in foreclosure or REO) as declining by 19.9 percent; making the February 2016 serious delinquency rate the lowest since November 2007.
“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” said Frank Nothaft, chief economist for CoreLogic. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state. However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces.”
Updates and extended data trends are available on the CoreLogic blog.
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