There were 38,000 completed foreclosure nationally in the month of June, representing the 56th straight month of year-over-year decline, according to CoreLogic’s June 2016 National Foreclosure Report.
“The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market ” CoreLogic CEO and President Anand Nallathambi said in a statement.
Although the 38,000 completed foreclosures in June 2016 represents a 5.1 percent rise since May, it also represents a year-over-year drop of 4.9 percent, according to CoreLogic. The seriously delinquency rate in the U.S. is also at its lowest rate in almost nine years, sitting at 2.8 percent in June.
About 375,000 homes, or 1 percent of all homes with a mortgage, were at some stage of the foreclosure process in June — a 25.9 percent decrease from June 2015’s 507,000 homes in the same process.
“We expect the combination of continued price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement gains we have had and perhaps accelerate them,” Nallathambi said.
Foreclosures in New York
As of June 2016, New York State’s foreclosure inventory was at 3.1 percent, and its serious delinquency rate was 5.6 percent, both of which are significantly higher than national averages. With 14,564 completed foreclosures in New York from June 2015 to June 2016, the state saw a 19.1 percent drop in foreclosure inventory.
New York City’s foreclosure statistics were similar to the rest of the state’s, with a foreclosure inventory of 3 percent and a delinquency rate of 5.3 percent in June. The metro saw a drop in year-over-year foreclosure inventory of 25.2 percent — the second-lowest among the 10 metros studied by CoreLogic but more than 6 percent higher than the rest of New York State.
CoreLogic, a real estate data company, considers a “foreclosed” property one that has been purchased at auction by either a third party or the lender. Properties in the foreclosure process have reached certain levels of delinquency with the mortgage servicer, and the mortgage servicer has initiated or is enacting foreclosure proceedings against the property owner. CoreLogic also separates states into judicial and non-judicial categories to accommodate for foreclosure timelines.
