Report: Another Big Dip in Foreclosure Rates

July 14, 2015

Foreclosures continue to tumble, with the foreclosure rate at the lowest level since December 2007, according to CoreLogic's May 2015 National Foreclosure Report, released Tuesday. The number of foreclosures nationwide dropped to 41,000 in May, now a nearly 65 percent drop from the peak of completed foreclosures in September 2010. Completed foreclosures are the total number of homes actually lost to foreclosure.

The number of mortgages in serious delinquency – 90 days or more past day – also dropped nearly 23 percent in May year-over-year. About 1.3 million mortgages – or 3.5 percent – are now seriously delinquent – the lowest rate since January 2008, according to CoreLogic's report.

"With three million jobs created during the past year, the improving labor market has helped more borrowers stay current on their mortgage loan," says Frank Nothaft, chief economist for CoreLogic. "Because fewer loans are becoming seriously delinquent, the foreclosure inventory has come down to its lowest level in more than seven years, with only 1.3 percent of loans in foreclosure proceedings."

Source: CoreLogic May 2015 Foreclosure Report