Foreclosure starts reach lowest level since 2005

Lenders completed foreclosure (REO) on 25,990 U.S. properties in April, down 9 percent from the previous month and down 22 percent from a year ago to the lowest level since February 2015 – a 26-month (more than 2 year) low and running just above the pre-recession average of 25,796 per month between April 2005 and November 2007.

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“But the reality is a number of programs don’t reach that mark. West and Conference USA had their lowest average.

Foreclosures fell in 2018 to their lowest level since 2005, but Georgia remained among the nation’s leaders.

Foreclosure activity hit an 11-year low in this year’s third quarter, as an improving economy and stricter mortgage standards helped stabilize the housing market to pre-2008 levels.

For pre-foreclosure homes, which are residential properties in default or scheduled for auction, sales were at their highest quarterly level since. lowest in the history of RealtyTrac’s foreclosure.

That’s a 34 percent year-over-year decrease, driven largely by a 44 percent drop in foreclosure starts, which fell to 55,775 – their lowest level since December 2005.

— The national delinquency rate has fallen for the third consecutive month, hitting 3.36% in May, its lowest level since Black Knight began reporting the metric in January 2000 — Both early.

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In their "first look" report for October 2016, Black Knight Financial Services is reporting that foreclosure starts have hit their lowest level since January 2005. According to the report, October saw were 56,500 foreclosure starts (lowest in nearly 12 years) as well as a lower prepayment level than September.

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About 6.99 percent of mortgage loans were delinquent during the quarter, according to the survey by the Mortgage Bankers Association, an industry group. Another 2.97 percent were in the foreclosure.

A total of 82,972 properties were in some stage of the foreclosure process, whether in default, scheduled for auction or repossessed, in September – down 13% from August and down 24% from September 2015, to reach the lowest level since December 2005, according to ATTOM Data Solutions, parent.

The foreclosure starts rate is at the lowest level since the second quarter of 2005. The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 3.57 percent, a decrease of 38 basis points from last quarter, and a decrease of 108 basis points from last year.