Fall is finally approaching! North Texas is still maintaining its growth rate with job growth matching the insertion and complete foreclosures are in decline.
The national foreclosure inventory declined by 27.9% and completed foreclosures declined by 24.4% since July 2014, according to the latest foreclosure report from CoreLogic.
The number of foreclosures nationwide decreased year over year from 50,000 in July 2014 to 38,000 in July 2015, representing a decrease of 67.9% from the peak of 117,225 completed foreclosures in September 2010.
As of July 2015, the national foreclosure inventory included approximately 469,000, or 1.2%, of all homes with a mortgage compared with 650,000 homes, or 1.7%, in July 2014. The July 2015 foreclosure rate is the lowest since December 2007.
CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 23% from July 2014 to July 2015 with 1.3 million mortgages, or 3.4%, falling into this category. This is the lowest serious delinquency rate since December 2007.
"Job market gains and home-price appreciation help to push serious delinquency and foreclosure rates lower. The CoreLogic national HPI showed home prices in July rose 6.9% from a year earlier, building equity for homeowners," said Frank Nothaft, chief economist for CoreLogic. "Further, 2.4 million jobs were created, pushing the unemployment rate down from 6.2% in July 2014 to 5.3% this July and supporting family income growth for most owners."
"As we enter the final months of 2015, the housing market continues to gather steam buoyed by improving economic conditions and the release of pent up demand for homeownership," said Anand Nallathambi, president and CEO of CoreLogic. "The recovery in the housing market is also reflected in declining delinquency and foreclosure rates which, to some degree, reflects the progressive clearing of crisis-era loans and the benefits of tighter underwriting standards over the past six years."
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Author:Christopher Evans Phone: 817-966-5807 Dated: October 8th 2015 Views: 595 About Christopher: Chris served 20 years in the Marine Corps, retiring in 2013. With a Bachelor’s degree in Informati...
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