IE Business Daily Business news for the Inland Empire.
More good housing news: foreclosures fell dramatically across the country during the first month of this year.
The national foreclosure inventory dropped 33.2 percent year-over-year in January while completed foreclosures fell 22.5 percent during that time, according to data released Tuesday by CoreLogic in Irvine.
Forty three thousand foreclosures were completed during January, down from 55,000 in January 2014. That’s a drop of 63 percent from September 2010, when the national foreclosure rate hit its high point.
Overall, foreclosures were down in all 50 states during the past year. In the Inland Empire, the foreclosure rate dropped .2 percent during that time, according to CoreLogic, which provides financial and investment information to clients in the public and private sector.
About 549,000 home remained in some state of foreclosure in January.
“Job growth and home-value appreciation have worked to push the serious delinquency rate to the lowest level since mid-2008 and foreclosures down one-third from a year ago,” said Frank Nothaft, CoreLogic’s chief economist, in a statement. “With economic growth in 2015 expected to be
better than last year, further declines in both delinquencies and foreclosures are projected for this year.”
About 5.5 million foreclosures have been completed in the United States since September 2008, when the recession began, CoreLogic stated.
