CoreLogic: National Foreclosure Inventory Dwindles

National foreclosure inventory continues to shrink, falling 27.3% year over year in February, according to new data from CoreLogic. 

In February of this year foreclosure inventory comprised about 553,000 homes, or 1.4% of all homes with a mortgage, down from 761,000, or 1.9%, in February 2014, data show. The latest numbers mark 40 months of continuous year-over-year declines in the foreclosure inventory, including 25 straight months of declines greater than 20%.

“Also in February 2015, the 12-month sum of completed foreclosures continued to decline, dropping by 16.1% from February 2014 to 550,000,” CoreLogic says in a statement. “The seriously delinquent inventory fell to 1.5 million loans, a 19.3% year-over-year decline.”

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Five states stand out for having the largest year-over-year drop in foreclosure inventory: Florida (-46.4%), Maine (-42.2%), Idaho (-38.2%), Connecticut (-35.5%) and Illinois (-34.7%), data show. 

But while 48 states posted year-over-year declines in foreclosure inventory, two states and the District of Columbia experienced year-over-year increases in foreclosure inventory.

Massachusetts’ foreclosure inventory increased by 6.6%, Wyoming’s foreclosure inventory increased by 14.8% and foreclosure inventory in the District of Columbia increased more than 30% (32.6%), data show.

View CoreLogic data here.

Written by Cassandra Dowell

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  • Yet another indicator that Financial Assessment should be delayed until tax and insurance default stats on HECMs with case numbers assigned after 9/29/2013 can be gathered and thoroughly analyzed. That might take a few years but what is the hurry in the current market with so many needs based seniors already cut out of the program due to low principal limit factors and the first year disbursement limitation?

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