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DS News Webcast: Friday 8/21/2015

Foreclosure inventory dropped to its lowest level since 2007 while the share of non-current residential mortgage loans also substantially declined and is near a post-crisis low, according to Black Knight Financial Services' First Look at Mortgage Data for July 2015 released today. The number of properties in foreclosure pre-sale inventory dropped by 24 percent year-over-year in July down to 711 thousand, representing about 1.4 percent of all residential mortgages nationwide. It is the lowest monthly foreclosure inventory in eight years.

Foreclosure inventory was not the only metric that experienced a large decline in July, however. The delinquency rate for loans with payments 30 days or more overdue but not in foreclosure dropped by 16 percent year-over-year down to 4.71 percent, nearly reaching its lowest point since the crisis. That share of 4.71 delinquent properties represents about 2.39 million loans nationwide. The number of foreclosure starts during July also declined nationwide both over the month and over the year down to 75,400.

Total existing-home sales rose 2 percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly-revised 5.48 million in June, according to the National Association of Realtors' July 2015 Existing-Home Sales report released Thursday. July sales of existing homes were at the highest pace since 5.79 million in February 2007. Existing sales have now increased year-over-year for 10 consecutive months.

About Author: Jordan Funderburk

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