The August 2016 CoreLogic Foreclosure Reported has reported a 29.6% year-over-year decrease in the number of home loans in the foreclosure process, also known as the national foreclosure inventory. On a year-over-year basis, the inventory has fallen every month since November 2011, and as of August the inventory is 77.5% lower than it was at its peak in January 2011.
The foreclosure rate, or the share of all home loans in the foreclosure process, fell to 0.9%, down from 1.3% in August 2015. This rate is comparable with 2007’s foreclosure rates, but it has yet to reach the pre-housing-crisis average foreclosure rate of 0.6%.
North Dakota was the only state to post a year-over-year increase in foreclosure inventory, with a 20.4% YOY rise in foreclosures. Despite this, North Dakota’s overall foreclosure rate remains below the national average at 0.5%.