AgentIndustry News

Foreclosures continue to plunge to pre-recession levels

Job market and home price gains are helping more homeowners stay in their homes, says CoreLogic

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Takeaways: The July 2015 foreclosure rate was the lowest we’ve seen since December 2007, before the recession. Compared to June, foreclosures in July declined by 6.2 percent, CoreLogic said. According to CoreLogic, the continued housing market recovery to some degree reflects tighter underwriting standards put in place after the financial crisis, but the main contributing factors are job market gains and home price appreciation. Improving economic conditions and the release of pent-up demand for homeownership are pushing down foreclosure rates to their lowest levels since before the recession, says CoreLogic in its most recent National Foreclosure Report. The property information analytics provider said the July 2015 foreclosure rate was the lowest we’ve seen since December 2007, before the recession. Foreclosure inventory declined by 27.9 percent and completed foreclosures declined by 24.4 percent since July 2014. In addition, the number of foreclosures nationwide...