The national foreclosure inventory declined by 27.3% and completed foreclosures declined by 15.7% from February 2014, according to the latest from CoreLogic. The data firm also reports the number of mortgages in serious delinquency declined by 19.3% from February 2014 to February 2015 with 1.5 million mortgages, or 4%, in serious delinquency, which is defined as 90 days or more past due, including those loans in foreclosure or REO.
This is the lowest delinquency rate since June 2008. On a month-over-month basis, the number of seriously delinquent mortgages declined by 1.1%.The foreclosure inventory as of February 2015 represented 1.4% of all homes with a mortgage, compared to 1.9% in February 2014.
“The number of homes in foreclosure proceedings fell by 27% from a year ago and stands at about one-third of what it was at the trough of the housing cycle,” said Frank Nothaft, chief economist at CoreLogic. “While the drop in the share of mortgages in foreclosure to 1.4% is a welcome sign of continued recovery in the housing market, the share remains more than double the 0.6% average foreclosure rate that we saw during 2000-2004.”
Read more at CoreLogic.