Foreclosures drop sharply in July

Scotsman Guide - Sep 13, 2016  9:50 ET - Victor Whitman

Home foreclosures and delinquencies continued to decline steeply through July, CoreLogic reported.

Completed foreclosures totaled 34,000 in July, down nearly 17 percent compared to July 2015 number. Foreclosures have fallen 71 percent from the peak of 118,009 in September 2010.

The foreclosure inventory, or the number of properties in some state of foreclosure, also fell to roughly 355,000 in July, or 0.9 percent of all homes with a mortgage, the company said. A year ago, the number was 501,000, or 1.3 percent of all mortgaged properties.  The July foreclosure inventory was the lowest since August 2007.

“Foreclosure rates declined year over year in all states except North Dakota, which experienced a 6 percent increase in its foreclosure inventory related to the drop in energy-related jobs,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Importantly, judicial states like New Jersey and New York have continued to work through their large inventory of homes in foreclosure proceedings.”

Florida had the most completed foreclosures in the 12 months through July at 57,000, followed by Michigan (45,000), Texas (27,000), Ohio (23,000) and California (21,000).  These five states accounted for 40 percent of completed foreclosures.