February 20 2017
February 14, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its December 2016 National Foreclosure Report which shows the foreclosure inventory declined by 30 percent and completed foreclosures declined by 40 percent compared with December 2015. The number of completed foreclosures nationwide decreased year over year from 36,000 in December 2015 to 21,000 in December 2016, representing a decrease of 82 percent from the peak of 118,336 in September 2010.
The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.5 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.6 million homes lost to foreclosure.
As of December 2016, the national foreclosure inventory included approximately 329,000, or 0.8 percent, of all homes with a mortgage compared with 467,000 homes, or 1.2 percent, in December 2015.
CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due including loans in foreclosure or REO) declined by 19.4 percent from December 2015 to December 2016 with 1 million mortgages, or 2.6 percent, in serious delinquency, the lowest level since August 2007. The decline was geographically broad with year-over-year decreases in serious delinquency in 48 states and the District of Columbia.
"While the decline in serious delinquency has been geographically broad, some oil-producing markets have shown the effects of low oil prices on the housing market," said Dr. Frank Nothaft, chief economist for CoreLogic. "Serious delinquency rates rose in Louisiana, Wyoming and North Dakota, reflecting the weakness in oil production."
"Foreclosure and delinquency trends continue to head in the right direction powered principally by increasing employment levels, stringent underwriting standards and higher home prices over the past few years. We expect to see further declines in delinquency and foreclosure rates in 2017," said Anand Nallathambi, president and CEO of CoreLogic. "As the foreclosure inventory diminishes, we must look ahead and tackle tight housing supply and growing affordability issues which are keeping many potential homebuyers, especially first-time buyers, on the sidelines."
Additional December 2016 highlights:
*November 2016 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.
For ongoing housing trends and data, visit the CoreLogic Insights Blog.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.