Although most foreclosure metrics continue to improve the most in years, month-over-month deterioration was again reported for completed foreclosures.
Residential-loan delinquency of at least
three months as of mid-year 2016 came to 2.8 percent, the same 90-day rate previously reported for May.
But a big improvement was made compared to June of last year, when the rate of serious mortgage delinquency was previously reported at 3.5 percent.
Those details and more were included in the National Foreclosure Report June 2016 from CoreLogic Inc.
New Jersey’s 6.5 percent serious delinquency rate was the highest in the nation. No 2 New York had a 5.6 percent rate, then 4.3 percent in Mississippi, 4.3 percent in Florida and 4.1 percent in Maine.
With a 90-day delinquency rate of just 1.0 percent, North Dakota fared best.
As of June 30, 2016, there were around 375,000 U.S. mortgages that were in some stage of foreclosure, fewer than the 390,000 as of a month earlier.
A huge decline was noted compared to the same date last year, when the inventory was an upwardly revised 507,000.
The improvement from a year earlier marked the 56th consecutive year-over-year decline in the foreclosure inventory.
Based on the latest foreclosure inventory, the foreclosure rate was 1.0 percent —
the lowest rate since September 2007.
The foreclosure rate was previously reported at 1.0 percent as of May 31, 2015, and an upwardly revised 1.3 percent in June 2015.
With a foreclosure rate of 3.4 percent, New Jersey was in the worst shape of any state. Next was New York’s 3.1 percent, followed by Hawaii’s 2.0 percent, the District of Columbia’s 2.0 percent and Maine’s 1.9 percent.
The lowest foreclosure rate of 0.3 percent was
shared by Minnesota, Colorado, Utah, Michigan and Nebraska.
CoreLogic reported that mortgage servicers completed 38,000 foreclosures during the latest month, more than the downwardly revised 36,000 reported for May — when the number also moved higher.
Repossessions numbered a downwardly revised 40,000 in June 2015.
But even as real-estate-owned filings have been moving lower on a year-over-year basis, the pace still stands well above the average 21,000 monthly rate between 2000 and 2006.
Full first-half 2016 REO filings amounted to 210,000.
