Skip to main content

Foreclosure Rate Falls to New Post-Crisis Low The nation's foreclosure rate and serious delinquency rate in April both fell to post-crisis lows amid home price appreciation and labor market improvements, according to data released by CoreLogic on Tuesday.

Foreclosure Rate Falls to New Post-Crisis Low

Need further proof that the housing crisis is over? CoreLogic’s April 2016 National Foreclosure Report provides it.

The nation's foreclosure rate and serious delinquency rate in April both fell to post-crisis lows amid home price appreciation and labor market improvements, according to data released byCoreLogic on Tuesday.
CoreLogic found that foreclosure inventory, or the number of residential homes that are in some state of foreclosure, declined by 23.4 percent over-the-year to about 406,000 homes—representing about 1.1 percent of all homes with a mortgage. The 1.1 percent foreclosure rate is the lowest for any one month since September 2007.
The number of seriously delinquent mortgages—mortgages 90 days or more overdue or in foreclosure or REO—fell by 21.6 percent over-the-year in April down to about 1.1 million mortgages, representing about 3 percent of all homes with a mortgage. The 3 percent serious delinquency rate is the lowest for any one month since October 2007.
“The recovery in home prices and improved labor market have contributed to the drop in seriously delinquent rates,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through April, the CoreLogic Home Price Index for the U.S. rose 6.2 percent and the labor market gained 2.6 million jobs. We also found that the seriously delinquent rate fell by about three-quarters of a percentage point.”
6-14 CoreLogic graph

The number of completed foreclosures for April totaled approximately 37,000, which is a decline of about 15.8 percent from April 2015’s total of 43,000. While 37,000 foreclosures in one month is nearly a 70 percent decline from their peak of 118,000 in September 2010, it is still elevated from the pre-crisis monthly average of about 21,000 from 2000 to 2006.
About 6.2 million homes have been lost to foreclosure since September 2008, when the financial crisis began. Since homeownership rates peaked in 2004, about 8.3 million homes have been lost to foreclosure.
“The number of homeowners who have negative equity has fallen by two-thirds since its 2010 peak, and the number of borrowers in foreclosure proceedings has also continued to drop,” said Anand Nallathambi, president and CEO of CoreLogic. “Despite this progress, about four million homeowners remained underwater at the end of the first quarter, and these borrowers are more vulnerable to foreclosure proceedings if they should fall delinquent.”
lick  link Below To Find Foreclosed Homes In Oregon


Team Thayer www.teamthayer.com

Location: Eugene, OR 97401, USA

Popular posts from this blog

Grass Seed Video

Read more

Bankruptcy Filings Dip Even Lower! Team Thayer #realestate #housing #market #investor #News #oregon

Bankruptcy Filings Dip Lower Nationwide bankruptcy filings were 5 percent lower in October 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to October 2016 AACER bankruptcy data reported by Epiq Systems. Bankruptcy filings totaled 63,042 in October, which was an increase from September’s total of 64,614, and was approximately 2.4 percent higher than October 2015’s total of 63,042 (an increase of 1,572).  Year-to-date, there have been 656,125 bankruptcy filings nationwide for the past nine months of 2016 (about 65,613 per month), down from 2015’s year-to-date total through the end of October of 700,014 (about 70,001 per month). The average number of filings per day in October 2016 was 3,152 over 20 days, which is an increase from September’s daily average of 3,077 over 21 days. The extra filing day in September compared to October accounts for the slight increase in the number of filings in September; had October feature...
Read more

When Will Bank Foreclosurews ‘Normalize’? Team Thayer #realestate #investor #housing #market #news #oregon

With much of the talk surrounding the housing market centered on “normalization” or returning to its pre-crisis state, one metric which the market is watching is the distressed sales share—the share of REO and short sales that comprise total residential home sales. For February 2016, the distressed sales share declined by 2.9 percentage points over-the-year (and 0.4 percentage points over-the month) down to 11 percent, according to  data released by CoreLogic  on Thursday. At their peak in January 2009, distressed sales accounted for nearly one-third of all residential home sales (32.4 percent) but has been declining steadily since then. By comparison, the pre-crisis share of distressed sales was typically around 2 percent; CoreLogic estimates that if the current rate of year-over-year decline continues, the distressed sales share will reach the “normal” pre-crisis level in slightly more than two years. “Prior to the housing crash, the distressed share of total...
Read more