After years of consistent improvements, the national foreclosure rate is at its lowest level in nine years, according to CoreLogic’s July 2016 National Foreclosure Report.

  • The national foreclosure rate in July was the lowest since August 2007.
  • New York State posted the second highest statewide share of foreclosures, at 3 percent of mortgaged homes.
  • Foreclosure inventory in the New York City metro dropped 26.6 percent annually to reach 2.8 percent of mortgaged homes.

After years of consistent improvements, the national foreclosure rate is at its lowest level in nine years, according to CoreLogic’s July 2016 National Foreclosure Report.

Thanks to loan modifications, a healthy labor market and upward housing trends, just 0.9 percent of mortgaged homes are in some state of foreclosure – the lowest rate announced since August 2007.

“The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives, which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009,” CoreLogic Chief Economist Frank Nothaft said in a statement.

In July 2016, 34,000 homes completed the foreclosure process, down 16.5 percent year-over-year and 3.9 percent from the month prior. The serious delinquency rate in the U.S. sat at 2.9 percent, the lowest since May 2016, according to the report.

National foreclosure inventory is down 29.1 percent year-over-year, reaching 355,000 homes in the U.S. July marked 57 consecutive months of annual foreclosure inventory declines, CoreLogic says, and the majority of states (29) posted a lower foreclosure inventory compared to the national rate.

New York foreclosure progress

New York State’s foreclosure inventory was the second highest in the nation, at 3 percent of statewide mortgaged homes, the report says. New Jersey was no. 1, with 3.3 percent of homes in some stage of foreclosure in July.

new york foreclosure

CoreLogic

New York foreclosure inventory was down 22.3 percent from July 2015. Among judicial states, New York had the fifth highest rate of completed foreclosures in the 12-month period ending in July at 14,566. New York’s serious delinquency rate reached 5.5 percent of homes in July.

For the New York City metro area, foreclosure inventory dropped 26.6 percent year-over-year to reach 2.8 percent of mortgaged homes. There were 7,149 completed foreclosures over the past year in New York-Jersey City-White Plains – the highest for any major metro in the nation. NYC’s serious delinquency rate reached 5.2 percent.

Email Jennifer Riner

Show Comments Hide Comments

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
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
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