AgentIndustry News

Detroit foreclosures still dragging down national rates

CoreLogic reports double-digit decline in foreclosure rates year-over-year, but nearly 50-percent surge in completed foreclosures month-over-month, thanks to Detroit public auction
  • September saw double-digit declines in foreclosure inventory on a year-over-year basis, but also a nearly 50-percent surge in completed foreclosures on a month-over-month basis.
  • CoreLogic attributed the one-month surge in part to an annual public auctioning of thousands of tax-foreclosed properties in the Detroit area.

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September saw double-digit declines in foreclosure inventory on a year-over-year basis, but also a nearly 50-percent surge in completed foreclosures on a month-over-month basis, according to property information provider CoreLogic’s latest National Foreclosure Report. According to the report, from September 2014 to this past September, foreclosure inventory declined by 24.3 percent, completed foreclosures declined by 17.6 percent and the number of seriously delinquent mortgages declined by 21.2 percent. “The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards,” said Anand Nallathambi, CoreLogic’s president and CEO. “As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007.” However, CoreLogic also noted that completed foreclosures increased by 49.5 percent from August...