Dallas, Texas 07/15/2015 (Financialstrend) – Foreclosures inventory levels dropped by 19.2% over the past one year according to a recent report by global property information and data enabled service provider Corelogic Inc (NYSE:CLGX). The number of foreclosures for the period between May 2014 and May 2015 came in at 41,000 compared to 51,000 the prior year, representing 64.9% drop from highs recorded in September of 2010.
Decline in Foreclosures
More than 5.7 million foreclosures have been completed since the financial crisis of 2008 with the number standing at 7.8 million for homes lost in foreclosures since rates started peaking in 2004. Corelogic Inc (NYSE:CLGX) reports that foreclosure inventory as of May of 2015 stood at 491,000 compared to 676 homes as of May of 2014.
The number of homes at the risk of delinquency declined by 22.7% over the past year representing the lowest level since January 2008. On a month-over-month basis, Corelogic Inc (NYSE:CLGX) reports a 3.4% drop in the number of mortgages under serious delinquency.
Impact of More Employment Opportunities
Improvement in sentiments in the mortgage industry is down to the creation of more jobs over the past year that has helped more home buyers to remain on track on repaying their mortgages. A decline in foreclosure inventory is down to fewer loans becoming delinquent according to Corelogic Inc (NYSE:CLGX) chief economist Frank Nothaft.
A 3.5% delinquent rate may be the lowest the mortgage industry has experienced in the US but still the highest compared to other big markets around the globe. New York City and Central Florida continue to experience some of the highest delinquency rates that could result in higher foreclosures rates.
Florida Michigan Texas California and Ohio had the highest number of foreclosures completed during the 12-month period accounting for almost half of the total foreclosures The District of Columbia had the lowest number of completed foreclosures.