The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.4 million completed foreclosures nationally, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.5 million homes lost to foreclosure, the company reported.
Homeowners may be holding on to their properties in greater numbers, according to recent figures. A September 2016 National Foreclosure Report from CoreLogic indicated the U.S. inventory of foreclosed homes is down by 31.1 percent, and completed foreclosures declined by 7 percent compared with September 2015. The report also found the number of completed foreclosures nationwide decreased year over year from 39,000 in September 2015 to 36,000 in September 2016, representing a decrease of 69.7 percent from the peak of 118,222 in September 2010.
CoreLogic points to the number of mortgages in serious delinquency declined by 24.8 percent from September 2015 to September 2016, with one-million mortgages, or 2.6 percent, in serious delinquency, the lowest level since August 2007. For more details, read CU Today.