DataMarkets & Economy

National foreclosure rates keep pushing down

L.A. and San Francisco post foreclosure inventory rates under 1 percent
  • The national serious delinquency rate is at 3 percent, the lowest level since October 2007.
  • 406,000 homes were in some state of foreclosure this April, a drop of 23.4 percent to mark the 54th consecutive month with a year-over-year decline.
  • Foreclosure inventory rose minimally in Houston at 1.3 percent but still only affects 0.6 percent of homes in the metro.
  • New York, Miami, D.C., Chicago, L.A. and San Francisco all saw substantial declines in foreclosure inventory.

More good news for the U.S. housing market rebound: national foreclosure rates continued a downward trend in April. Completed foreclosures, delinquency rates and homes facing foreclosures all softened at national, state and local levels. Compared to April 2015, when there were 43,000 completed foreclosures across the U.S., CoreLogic’s foreclosure report reveals 37,000 homes faced completed foreclosures last month -- a 15.8 percent year-over-year decline. While completed foreclosures rose minimally by 0.3 percent compared to March, experts say this is the nature of the spring selling market, when banks increase foreclosure activity to take advantage of demand. What’s more, the national serious delinquency rate is at 3 percent, the lowest level since October 2007. CoreLogic says factors including a 6.2 percent rise in home prices and 2.6 million labor market jobs added to the national economy in 2016 have assisted the decline of delinquencies. New York City, Mi...