The number of homes in foreclosure continued to fall in November 2015, recording the lowest level since November 2007, revealed a new report from analytics provider CoreLogic.
"After peaking at 3.6 percent in January 2011, the foreclosure rate currently stands at 1.2 percent -- a remarkable improvement," said CoreLogic's Chief Economit Dr. Frank Nothaft. "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."
In CoreLogic's November 2015 National Foreclosure Report which the company releaed last Tuesday, the foreclosure inventory decreased by 21.8 percent during the month of November and completed foreclosures fell back by 18.8 percent compared with rates recorded in November 2014.
The report showed that the number of completed foreclosures in the US fell year after year from 41,000 in November 2014 to 33,000 in November 2015.
Moreover, the number of completed foreclosures in November 2015 went down by 71.6 percent from the peak level in September 2010 which was at 117,657.
According to CoreLogic's report, the foreclosure inventory represents the number of homes that are undergoing the foreclosure process, while the completed foreclosures show the total number of homes that were already lost to foreclosure.
The report noted that as of November 2015, the foreclosure inventory in the US was an estimated 448,000 with 1.2 percent of the homes with a mortgage.
Furthermore, CoreLogic's report did not only show that the number of homes in foreclosure fell to an eight-year low. It also brought into light the number of mortgages that are in serious delinquency. These are homes with mortgages that are 90 days or more past due.
In the report, the number of homes with mortgages in serious delinquency declined by 21.7 percent from November 2014 to November 2015. There are currently 1.3 million homes struggling to pay their mortgages. According to CoreLogic, the current number is the lowest since December 2007.
"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," explained CoreLogic CEO and President Anand Nallathambi.
