The number of completed foreclosures nationwide in November was
down to about 30 percent of the level in the worst days of the housing crisis. CoreLogic's monthly National Foreclosure Report puts completed foreclosures in November
at 33,000 compared to 117,657 in September 2010. The November number is down 21.8 percent from
November 2014 and is 10.9 fewer than the 38,000 completed foreclosures in October
a basis of comparison, between 2000 and 2006 completed foreclosures averaged
21,000 per month nationwide.
The five states with the highest number
of completed foreclosures for the 12 months ending in November 2015 were
Florida (83,000), Michigan (51,000), Texas (29,000), California (24,000) and
Georgia (24,000). These five states accounted for almost half of all completed
The foreclosure inventory, the number
of homes that are in process of foreclosure, held approximately 448,000
properties in November, 1.2 percent of all homes in the country with a
mortgage. One year earlier the rate was
1.5 percent with 573,000 in the inventory.
It was the lowest the foreclosure inventory rate has been since November
Since the financial crisis began in
September 2008, there have been approximately 6 million completed foreclosures
across the country, and since homeownership rates peaked in the second quarter
of 2004, there have been about 8 million homes lost to foreclosure.
Four states and the District of
Columbia had the highest foreclosure inventory rate in November 2015: New
Jersey (4.4 percent), New York (3.5 percent), Hawaii (2.5 percent), Florida
(2.4 percent) and the District of Columbia (2.4 percent). Washington, DC is the
only one of these jurisdictions that does not use primarily a judicial
CoreLogic also reports that the number
of mortgages in serious delinquency (defined as 90 days or more past due,
including loans in foreclosure or REO) declined by 21.7 percent from November
2014 to November 2015, with 1.3 million mortgages, or 3.3 percent, in this
category. The November 2015 serious delinquency rate is the lowest since
"After peaking at 3.6 percent in
January 2011, the foreclosure rate currently stands at 1.2 percent-a remarkable
improvement," said Dr. Frank Nothaft, chief economist for CoreLogic.
"While there are still pockets of areas with high foreclosure activity, 30
states have foreclosure rates below the national average which is evidence of
the solid improvement."
"Tight post-crash underwriting
standards coupled with much improved economic and housing market fundamentals
have combined to push new mortgage delinquencies to 15-year-lows," said
Anand Nallathambi, president and CEO of CoreLogic. "Although judicial
states will likely continue to lag, given current trends, it is reasonable to
expect a continued and significant drop in the rate of serious delinquencies
and foreclosure starts in 2016."