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Repossessions More Than Double Pre-Crisis Level

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Although the serious delinquency rate and size of the foreclosure inventory continue to improve, repossessions remain at more than double pre-crisis levels.

On U.S. residential loans, the rate of mortgages that were 90 days or more past due came in at 3.5 percent as of August of this year.

The serious rate of delinquency on the nation’s home loans turned out to be the lowest since January 2008 after revising the previous-month figure.

That is according to the National Foreclosure Report August 2015 from CoreLogic Inc.

Serious delinquency as of the prior month was previously reported at 3.4 percent, though the rate was apparently revised upward based on CoreLogic’s statement that the August rate was the lowest in more than seven years.

In the same month last year, the 90-day rate landed at 4.3 percent, according to CoreLogic’s previously reported figures.

At 8.1 percent, 90-day delinquency was highest in New Jersey. New York had a 6.6 percent rate, then 6.0 percent in Florida, 5.1 percent in Mississippi and 5.0 percent in Maine.

North Dakota had a serious delinquency rate of 1.0 percent, the best rate in the country.

The foreclosure inventory fell
two percent from the upwardly revised total in July to 470,000.

In August 2014, roughly 629,000 mortgages were in some stage of foreclosure.
It was the 46th consecutive month of year-over-year declines in the foreclosure inventory.

August 2015’s inventory put the foreclosure rate at 1.2 percent — the lowest rate since January 2008, when it also stood at 1.2 percent.

While the foreclosure rate was previously reported at 1.2 percent in July, an apparent upward revision was made.

A year earlier, the the foreclosure rate was 1.6 percent.

New Jersey’s 4.6 percent foreclosure rate was the highest of any state in August 2015. New York was next with a 3.7 percent rate, followed by 2.6 percent in Florida, 2.5 percent in Hawaii and 2.4 percent in Washington, D.C.

Alaska had the lowest foreclosure rate in the nation: 0.3 percent.

In the latest month, mortgage servicers completed 36,000 foreclosures, the same as the downwardly revised count in July.

Repossessions numbered an upwardly revised 46,000 in August 2014.

For the eight months ended Aug. 31, 2015, there have been 300,000 mortgages converted to real estate owned.

Completed foreclosures during the most-recent 12 months totaled 500,000 — more than double the pace during normal periods, CoreLogic Chief Economist Frank Nothaft said in the report.

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