Dallas, Texas 07/15/2015 (Financialstrend) – Foreclosures inventory levels dropped by 19.2% over the past one year according to a recent report by global property information and data enabled service provider Corelogic Inc (NYSE:CLGX). The number of foreclosures for the period between May 2014 and May 2015 came in at 41,000 compared to 51,000 the prior year, representing 64.9% drop from highs recorded in September of 2010.
Decline in Foreclosures
More than 5.7 million foreclosures have been completed since the financial crisis of 2008 with the number standing at 7.8 million for homes lost in foreclosures since rates started peaking in 2004. Corelogic Inc (NYSE:CLGX) reports that foreclosure inventory as of May of 2015 stood at 491,000 compared to 676 homes as of May of 2014.
The number of homes at the risk of delinquency declined by 22.7% over the past year representing the lowest level since January 2008. On a month-over-month basis, Corelogic Inc (NYSE:CLGX) reports a 3.4% drop in the number of mortgages under serious delinquency.
Impact of More Employment Opportunities
Improvement in sentiments in the mortgage industry is down to the creation of more jobs over the past year that has helped more home buyers to remain on track on repaying their mortgages. A decline in foreclosure inventory is down to fewer loans becoming delinquent according to Corelogic Inc (NYSE:CLGX) chief economist Frank Nothaft.
A 3.5% delinquent rate may be the lowest the mortgage industry has experienced in the US but still the highest compared to other big markets around the globe. New York City and Central Florida continue to experience some of the highest delinquency rates that could result in higher foreclosures rates.
Florida Michigan Texas California and Ohio had the highest number of foreclosures completed during the 12-month period accounting for almost half of the total foreclosures The District of Columbia had the lowest number of completed foreclosures.
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.