After years of consistent improvements, the national foreclosure rate is at its lowest level in nine years, according to CoreLogic’s July 2016 National Foreclosure Report.
Thanks to loan modifications, a healthy labor market and upward housing trends, just 0.9 percent of mortgaged homes are in some state of foreclosure – the lowest rate announced since August 2007.
“The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives, which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009,” CoreLogic Chief Economist Frank Nothaft said in a statement.
In July 2016, 34,000 homes completed the foreclosure process, down 16.5 percent year-over-year and 3.9 percent from the month prior. The serious delinquency rate in the U.S. sat at 2.9 percent, the lowest since May 2016, according to the report.
National foreclosure inventory is down 29.1 percent year-over-year, reaching 355,000 homes in the U.S. July marked 57 consecutive months of annual foreclosure inventory declines, CoreLogic says, and the majority of states (29) posted a lower foreclosure inventory compared to the national rate.
D.C. foreclosure rate
As of July, D.C. proper held the fifth highest foreclosure inventory rate in the country, at 1.8 percent. Despite a greater incidence of homes in some state of the foreclosure process, the foreclosure rate is down 24.4 percent from one year ago.
On the other hand, D.C. — considered a non-judicial state — featured one of the lowest incidences of completed foreclosures in the past year, at 207. Meanwhile, serious delinquencies hit 3.3 percent of homes in July.
CoreLogic
In the D.C. metro area, which encompasses Washington-Arlington-Alexandria across four states, foreclosure inventory is at 0.8 percent, down 29.7 percent year-over-year. There were 4,090 completed foreclosures in the 12-month period ending in July, CoreLogic says. Within the metro, the serious delinquency rate was a low 2.7 percent.
