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Home repossessions near pre-crisis pace

 

NEW YORK – Jan. 11, 2017 – The monthly rate of real-estate-owned filings has fallen to a level that is very near the pace of completed foreclosures prior to the housing crisis.

The share of residential loans that were past due at least 90 days was 2.5 percent as of Nov. 30, 2016 – the lowest share since August 2007.

Serious mortgage delinquency was previously reported at 2.5 percent as of a month earlier. As of a year earlier, the 90-day rate was 3.3 percent. Those performance metrics and more were presented by CoreLogic Inc. in its National Foreclosure Report November 2016.

New Jersey's 5.6 percent 90-day delinquency rate was the highest in the nation as of the latest month. After that was 5.0 percent in New York, then 4.2 percent in Mississippi, 4.1 percent in Louisiana and 3.7 percent in Maine.

At 0.9 percent, Colorado had the lowest rate of serious delinquency.

As of the most-recent month, around 325,000 U.S. mortgages were in some stage of foreclosure. The foreclosure inventory was 333,000 as of October 2016 and 465,000 as of November 2015.

The decline from a year earlier in the foreclosure inventory was the 61st year-over-year reduction.

Based on the latest foreclosure inventory, the foreclosure rate finished the latest month at 0.8 percent – the lowest rate since June 2007. The foreclosure rate was previously reported at 0.8 percent as of Oct. 31, 2016, while it was 1.2 percent as of Nov. 30, 2015.

New Jersey's 2.8 percent foreclosure rate as of the most-recent month was the highest of any state. Next was New York's 2.6 percent, then Hawaii's 1.7 percent, Maine's 1.7 percent and the District of Columbia's 1.6 percent.

In Colorado, the foreclosure rate was 0.2 percent – the lowest rate in the nation.

During November 2016, there were 26,000 U.S. foreclosures completed. That put the REO filings near the 21,000 monthly pace between 2000 and 2006.

Repossessions numbered 30,000 in October 2016 and 35,000 in November 2015.

For all 11 months that have been reported so far in 2016, there have been 371,000 foreclosures completed.

© 2017 Mortgage Daily, Distributed by Tribune Content Agency, LLC.

 

Related Topics: Foreclosures