IRVINE, Calif. (3/12/15)--The national foreclosure inventory dropped one-third in January, compared with a year earlier, according to the latest foreclosure report from CoreLogic.
Completed foreclosures also dropped 22.5% from year-ago levels.
In January, 43,000 foreclosures were completed, compared with 55,000 in January 2014. That is a fall of 63% from the peak in September 2010.
"Job growth and home-value appreciation have worked to push the serious delinquency rate to the lowest since mid-2008 and foreclosures down by one-third from a year ago," said Frank Nothaft, CoreLogic chief economist. "With economic growth in 2015 expected to be better than last year, further declines in both delinquencies and foreclosures are projected for this year."
Completed foreclosures indicate the total number of homes actually lost to foreclosure. Roughly 5.5 million foreclosures have been completed since September 2009.
The 549,000 homes still in some stage of foreclosure in January represents 39 consecutive months of year-over-year declines.
January's foreclosure inventory accounted for 1.4% of all homes with a mortgage, compared with 2% a year prior. The current foreclosure rate of 1.4% is back to March 2008 levels. Four percent of mortgages--roughly 1.5 million--are defined as seriously delinquent or 90 days or more past due.