September saw double-digit declines in foreclosure inventory on a year-over-year basis, but also a nearly 50-percent surge in completed foreclosures on a month-over-month basis, according to property information provider CoreLogic’s latest National Foreclosure Report.

  • September saw double-digit declines in foreclosure inventory on a year-over-year basis, but also a nearly 50-percent surge in completed foreclosures on a month-over-month basis.
  • CoreLogic attributed the one-month surge in part to an annual public auctioning of thousands of tax-foreclosed properties in the Detroit area.

September saw double-digit declines in foreclosure inventory on a year-over-year basis, but also a nearly 50-percent surge in completed foreclosures on a month-over-month basis, according to property information provider CoreLogic’s latest National Foreclosure Report.

According to the report, from September 2014 to this past September, foreclosure inventory declined by 24.3 percent, completed foreclosures declined by 17.6 percent and the number of seriously delinquent mortgages declined by 21.2 percent.

“The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards,” said Anand Nallathambi, CoreLogic’s president and CEO. “As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007.”

corelogic-foreclosure

However, CoreLogic also noted that completed foreclosures increased by 49.5 percent from August to September. The company attributed the one-month surge in part to an annual public auctioning of thousands of tax-foreclosed properties in the Detroit area.

[Tweet “CoreLogic attributed one-month foreclosure surge to auctioning properties in Detroit.”]

In addition, CoreLogic reported that while the majority of states experienced declines in their foreclosure rates, four states actually experienced small increases compared with a year ago: New Mexico, Rhode Island, Washington, D.C., and Wyoming.

States with the highest number of completed foreclosures on a year-over-year basis were: Florida with 91,000 completed foreclosures; Michigan, with 45,000; Texas, with 32,000; Georgia, with 26,000; and California, with 26,000. These five states accounted for almost half of all completed foreclosures nationally, CoreLogic said.

States with the lowest number of completed foreclosures on a year-over-year basis were: Washington, D.C., with 69 completed foreclosures; North Dakota, with 310; Wyoming, with 498; West Virginia, with 593; and Hawaii, with 690.

Email Amy Swinderman.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×