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National foreclosure rate falls to 1.2 percent

CoreLogic reports lowest averages since November 2007
  • Improved economic conditions and a decline in national unemployment levels have pushed the foreclosure rate to its lowest record since November 2007.
  • October 2015 was the 48th consecutive month that CoreLogic has reported a year-over-year foreclosure decline.
  • Some states are faring better than others. Although 29 states have a foreclosure rate that dips below the national level, others reported having less than 1 percent of all mortgages in foreclosure.

Trendsetters, take note: The numbers show 2015 is the new 2007, at least when it comes to foreclosure rates. According to CoreLogic’s November National Foreclosure Report, improved economic conditions and a decline in national unemployment levels have helped pushed the foreclosure rate to its lowest record in about eight years. The report offers home foreclosure statistics for the month of October, when only 1.2 percent of all homes were in some stage of foreclosure. In the same month last year, the foreclosure rate stood at 1.5 percent. About 463,000 homes were in some stage of foreclosure this October -- a 21.5-percent decrease over the 589,000 homes in foreclosure one year earlier -- marking it as the 48th consecutive month that CoreLogic has reported a year-over-year foreclosure decline. Month over month, the foreclosure inventory decreased 1.5 percent from September to October. Nationally, completed foreclosures fell about 27 percent from 51,000 in October 2...