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.

  • June was the 56th straight month of year-over-year decline in completed foreclosures in the U.S.
  • The 38,000 completed foreclosures in June 2016 represents a 5.1 percent rise since May, but it also represents a year-over-year drop of 4.9 percent.
  • Florida held the highest foreclosed inventory among judicial states and upwards of 35,000 more than no. 2 Ohio.

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 Florida

As of June 2016, Florida’s foreclosure inventory was at 1.8 percent, and its serious delinquency rate was 4.3 percent, both of which are higher than national averages. With 59,749 completed foreclosures in Florida from June 2015 to June 2016 — the most among judicial states and upwards of 35,000 more than no. 2  Ohio — the state saw a 36.6 percent drop in foreclosure inventory.

Screen Shot 2016-08-11 at 4.47.19 PM

The Miami metro’s foreclosure statistics were worse off than the rest of Florida’s, with a foreclosure inventory of 2.3 percent and a delinquency rate of 5.8 percent in June, both of which slightly decreased from May. The metro saw a drop in year-over-year foreclosure inventory of 36 percent — the third-highest decrease of the 10 metros studied.

Screen Shot 2016-08-11 at 5.10.25 PM

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.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×