Completed foreclosures and pre foreclosure activity have dropped to their lowest level in the U S since 2007.
Completed foreclosures in July of this year totaled approximately 38,000 which was a decline for 24.4% from last July. July 2015 also represents a 68% decline from the peak number of completed foreclosures that was reached in September 2010. There have been approximately 5.8 million completed foreclosures nationwide since the financial crisis began in September 2008.
July 2015’s total of 38,000 is still about 80% higher than the pre-recession monthly average of 21,000, from 2000 – 2006.
The biggest factor in the decrease can be attributed to more jobs and home price appreciation. Nationally home prices rose 6.9% from a year ago which helped home owners build up some much needed equity. Also unemployment rates have dropped to 5.3% nationally from 6.2% a year ago.
Another positive sign is that serious mortgage delinquencies, which are considered if the payments are more than 90 days overdue, have dropped by 23% from last year. Serious delinquencies are now down to just 3.4% of all mortgages. This is also the lowest rate since December 2007.
For more information on this topic click here; http://dsnews.com/news/09-08-2015/foreclosure-inventory-and-serious-delinquencies-are-down-to-2007-levels