DataMarkets & Economy

LA foreclosure improvement better than average, CoreLogic says

LA placed sixth in decreasing foreclosures among the 10 major metros studied
  • Twenty-nine states had foreclosure rates below the national average.
  • There were 38,000 completed foreclosures in May 2016, according to CoreLogic – up 5.5 percent from April 2016, but down 6.9 percent year-over-year.
  • L.A.'s foreclosure statistics were similar to the rest of California's, with the same foreclosure inventory (0.4 percent) and nearly the same delinquency rate (1.6 percent) in May.

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Although still double the long-term average of 0.5 percent, the national foreclosure rate continued to fall to 1 percent in May, with many states seeing better outlooks than the national average in CoreLogic's May 2016 National Foreclosure Report. "Twenty-nine states had foreclosure rates below the national average, and all but North Dakota experienced declines in their foreclosure rate compared to the last year," CoreLogic Chief Economist Frank Nothaft said in a statement. There were 38,000 completed foreclosures in May 2016, according to CoreLogic -- up 5.5 percent from April 2016, but down 6.9 percent year-over-year. The seriously delinquency rate in the U.S. is also at its lowest rate in almost nine years, sitting at 2.8 percent in May. America's foreclosure rate is back to October 2007 levels, CoreLogic says. About 390,000 homes, or 1 percent of all homes with a mortgage, were at some stage of the foreclosure process in May -- a 24.5 percent decrease from Ma...