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.
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.
