While serious delinquency on home loans retreated to a nearly nine-year low, the number of homes repossessed rose for the third month in a row.
Loans at least 90 days past due accounted for 2.8 percent of all mortgages outstanding as of Aug. 31 — the lowest rate since September 2007.
CoreLogic Inc. provided the metrics in its National Foreclosure Report August 2016.
New Jersey’s 90-day rate in August was 6.3 percent, the worst in the nation. No. 2 New York had a 5.5 percent rate, followed by Mississippi’s 4.3 percent, Florida’s 4.2 percent and
Maine’s 4.0 percent.
Colorado and North Dakota shared the lowest 90-day rate: 1.1 percent.
As of the most-recent date, there were 351,000 loans that were in the foreclosure process, fewer than the upwardly revised 363,000 in July.
Foreclosures in process were also down from an upwardly revised 499,000 in August 2015. The foreclosure inventory has faded from a year earlier for 58 consecutive months.
The latest foreclosure inventory left the foreclosure rate at 0.9 percent — the lowest rate since September 2007. The foreclosure rate was also 0.9 percent a month earlier and a year earlier.
The state with the highest foreclosure rate during August 2016 was New Jersey: 3.2 percent. Next was New York’s 2.9 percent, then 1.8 percent in Maine, Hawaii and the District of Columbia.
The lowest foreclosure rate, 0.3 percent, was in Colorado.
August 2016 saw 37,000 foreclosures completed.
Real-estate-owned filings worsened from 34,000 the prior month and have risen each month since May, when there were a downwardly revised 31,000.
But completed foreclosures have relented from 64,000 the same month in 2015 (CoreLogic originally reported just 36,000 completed foreclosures for August 2015), though
REO nativity remains well above the 21,000 monthly average between 2000 and 2006.
From Jan. 1, 2016, through Aug. 31, CoreLogic reports there have been 278,000 repossessions.