Markets & EconomyMortgage

Completed foreclosure volume reaches 500k during 12-month period

Pipeline of legacy loans cited as the reason
  • Five states account for nearly half of all foreclosure volume.
  • Newly delinquent loan volume is down, while the foreclosure pipeline of legacy loans remains elevated.
  • The South is accounting for the highest volume of completed foreclosures.

Comparing foreclosure data on a year-to-year basis can sometimes be deceiving. While recent findings from CoreLogic show that foreclosure completions and foreclosure inventory rates both declined in August when compared to the same month in 2014, the firm also reported that 500,000 foreclosures were completed during the 12-month span, which is more than double the volume seen during "normal periods." "Newly delinquent loans are at the lowest rates during the last two decades. That reflects the tight underwriting and improved economy during the last few years,” said Frank Nothaft, chief economist for CoreLogic, in a statement. “However, the foreclosure pipeline of legacy loans remains elevated." The five states with the highest number of completed foreclosures for the 12 months ending in August 2015 were: Florida (94,000) Michigan (47,000) Texas (32,000) California (27,000) Georgia (26,000) These five states accounted for almost half of all complete...