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Completed foreclosures plunge in November

The foreclosure inventory was sharply lower as well

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The number of completed foreclosures nationwide posted a year-over-year decline of 25.9% in November to 26,000, according to property information provider CoreLogic. That represents a plunge of 78.2% from the peak of 118,339 in September 2010.

At the same time, the foreclosure inventory -- the number of homes at some stage of the foreclosure process -- declined by 30%.

As of November, the national foreclosure inventory included approximately 325,000, or 0.8%, of all homes with a mortgage, compared with 465,000 homes, or 1.2%, a year earlier.

In addition, the number of mortgages in serious delinquency -- 90 days or more past due including loans in foreclosure or REO – was down 22.1% from November 2015, with 1 million mortgages, or 2.5%, in serious delinquency. That's the lowest level since August 2007.

"The decline in serious delinquency has been substantial, but the default rate remains high in select markets," said CoreLogic Chief Economist Dr. Frank Nothaft. "Serious delinquency rates were the highest in New Jersey and New York at 5.6% and 5%, respectively. In contrast, the lowest delinquency rate occurred in Colorado at 0.9% where a strong job market and home-price growth have enabled more homeowners to stay current."

Report highlights

  • On a month-over-month basis, completed foreclosures declined by 14.1% to 26,000 in November from the 30,000 reported for October. As a basis of comparison -- before the housing market crash in 2007 -- completed foreclosures averaged about 22,000 per month nationwide between 2000 and 2006.
  • On a month-over-month basis, the November foreclosure inventory fell 2.4% compared with October.
  • The five states with the highest number of completed foreclosures in the 12 months ending in November were Florida (48,000), Michigan (31,000), Texas (25,000), Ohio (22,000), and Georgia (20,000).These five states account for 36% of completed foreclosures nationally.
  • Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in November: the District of Columbia (221), North Dakota (260), West Virginia (375), Alaska (616), and Montana (627).
  • Four states and the District of Columbia had the highest foreclosure inventory rate in November: New Jersey (2.8%), New York (2.6%), Maine (1.7%), Hawaii (1.7%), and the District of Columbia (1.6%).
  • The five states with the lowest foreclosure inventory rate in November were Colorado (0.2%), Minnesota (0.3%), Arizona (0.3%), Utah (0.3%), and California (0.3%).

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