From National Mortgage News:
The foreclosure inventory rate in July reached the lowest level recorded for any month since August 2007, according to data released by CoreLogic.
The national foreclosure inventory in July included roughly 355,000 homes, or 0.9% of all homes with a mortgage, down from 501,000, or 1.3%, in July 2015. That represents a 29.1% decline year-over-year, CoreLogic said Tuesday.
The decline stemmed from loan modifications, foreclosures and stronger housing and labor markets, according to CoreLogic chief economist Frank Nothaft.
Similarly, the number of completed foreclosures nationwide slipped 16.5% year-over-year to 34,000. That figure is also 71.2% lower than the peak of 118,000 recorded in September 2010.
“Importantly, judicial states like New Jersey and New York have continued to work through their large inventory of homes in foreclosure proceedings.”