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Completed foreclosures down 25 percent from last November

By: Kelly Leighton on in

Foreclosures were down 25.9 percent in November 2016, compared to November 2015, according to CoreLogic’s National Foreclosure Report for November.

In November 2016, 26,000 completed foreclosures happened across the country, a decrease from 35,000 in November 2015. Homes in various states of foreclosure also decreased significantly, from 465,000 in November 2015 to 333,000 in November 2016, representing a decrease of 30 percent. Of all homes with a mortgage, 0.8 percent are in a state of foreclosure, a rate that matches June 2007.

Month-to-month, foreclosures were down 2.4 percent from October to November 2016, marking it 61 months in a row of year-to-year decreases in foreclosures.

CoreLogic also reported that the seriously delinquent rate is at 2.5 percent lowest level in nearly a decade, since August 2007.

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

In Pennsylvania, 1.1 percent of mortgaged homes were a part of the foreclosure inventory in November 2016, according to CoreLogic. This is a decrease of 30.3 percent from November 2015. Between November 2015 and November 2016, 18,451 homes completed a foreclosure. The seriously delinquent rate in the commonwealth is 3.4 percent.

New Jersey, New York, Hawaii, Maine and Washington, D.C. had the highest foreclosure inventory as a percentage of homes with mortgages, while Colorado, Arizona, California, Minnesota and Utah had the lowest, according to CoreLogic.

Governor Extends Eviction and Foreclosure Protection

Gov. Tom Wolf signed a new executive order today protecting homeowners and renters from eviction or foreclosure until Aug. 31, if they are not already receiving relief through a state or federal foreclosure moratorium programs or judicial orders.

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