Home loan foreclosures fall to the lowest since November 2007

From CoreLogic: Number of Loans in Foreclosure Lowest Since November 2007

CoreLogic reported today that the national foreclosure inventory fell by 24.9 per cent year over year in April 2015 to approximately 521,000 homes, or 1.4 per cent of all homes with a mortgage. This marks 42 months of consecutive year-over-year declines … Also in April 2015, the 12-month sum of completed foreclosures continued to decline, dropping by 19.8 per cent to 538,000 since April 2014. The seriously delinquent inventory fell to 1.4 million loans, a 22.1-per cent year-over-year decline.

The report on Tuesday was for April. The map is from the March report that shows foreclosure inventory by state.

Some key “bubble” states — like Arizona and California — have mostly recovered.

Several judicial foreclosure states — like New Jersey and Florida — are still struggling.

From CoreLogic on Tuesday:

Judicial foreclosure states, on average, continued to have higher foreclosure rates than non-judicial states, averaging 2.3 per cent and 0.7 per cent, respectively, in April 2015. The foreclosure rate for judicial states peaked in February 2012 at 5.4 per cent, while non-judicial states experienced peak foreclosure rates in January 2011. As of April 2015, 42 per cent of outstanding mortgages were in judicial states, but 70 per cent of total loans in foreclosure were in those states.

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