Completed Foreclosures Decline In September

According to CoreLogic’s September 2014 National Foreclosure Report released last Wednesday, foreclosure inventory along with the completed foreclosure numbers nationwide both had significant year-over-year declines in September.

Foreclosure inventory showed a total of 607,000 homes that were in some state of foreclosure in September this year that is a drop of 34.3 percent from a year ago with a reported foreclosure inventory of 924,000.

September 2014 was the 20th consecutive month where at approximately 20 percent year-over-year drop in foreclosure inventory nationwide.

There were 29 states that showed a year-over-year decline in foreclosure inventory more than 30 percent and Arizona tops the list with 47.6 percent followed by Utah with 47.1 percent.

Furthermore, CoreLogic also reported that there were 46,000 foreclosures completed nationwide in September that is down by 32.6 percent from a year ago where there was 68,000 completed foreclosures.

Years before the housing market crisis started in 2007, 21,000 per month was the completed foreclosure average nationwide from 2000 to 2006.

“The level of serious delinquencies has rapidly declined over the last few years, but the pace of improvement is beginning to recede,” said CoreLogic’s Deputy Chief Economist Sam Khater. “As of June, serious delinquencies were 26 percent lower than the prior year, but as of September serious delinquencies were 21 percent lower.”

Completed foreclosures also had a minimal increased month over month from 44,000 in August to 46,000 in September.

“The number of completed foreclosures ticked up a bit in September from the prior month and is still running above historic norms,” said CoreLogic’s President and CEO Anand Nallathambi. “Although the foreclosure inventory and rates of seriously delinquent loans remain elevated in many states, progress is being made and this bodes well for a better housing market in 2015 and beyond.”

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