IE Business Daily Business news for the Inland Empire.
Both foreclosure inventory and completed foreclosures dropped substantially in June, as the national housing market continued its slow climb back to respectability.
The total number of foreclosed properties fell 28.9 percent year-over-year in June to 472,000 homes, while completed foreclosures fell 14.8 percent to 43,000 homes, according to data released Tuesday by CoreLogic in Irvine.
As of June, completed foreclosures are down 63.3 percent from their peak of 117,119 in September 2010.
Also, the number of homes in serious delinquency – definesdas any property with mortgage payments 90 days or more past due – declined 23.3 percent in June.
In the Inland Empire, foreclosures fell 0.3 percent between June 2014 and June of this year, according to CoreLogic, which provides property information, analytics and data-enabled services to clients worldwide.
“Serious delinquency is at [its] lowest level in seven and a half years, reflecting the benefits of slow but steady improvements in the economy and rising home prices,” said Anand Nallathambi, president and chief executive officer of CoreLogic, in a statement. “We are also seeing the positive impact of more stringent underwriting criteria for loans originated since 2009, which has helped to lower the nationally serious delinquent rate.”
About 5.8 million homes have been lost to foreclosure since the financial crisis began in September 2008, and approximately 7.8 million have been lost since the second quarter of 2004, when U.S. homeownership was at its peak, CoreLogic stated.
