A total of 33,000 foreclosures were completed on the national level as of November 2015, down 2.0% month-over-month, and down 18.8% year-over-year, according to a foreclosure report released Tuesday by Corelogic. The research firm said that the U.S. national foreclosure rate stood at 1.2% in November 2015, compared to the reading of 1.5% from November 2014.
"After peaking at 3.6% in January 2011, the foreclosure rate currently stands at 1.2%-- a remarkable improvement. While there are still pockets of areas with high foreclosure activity, 30 states have foreclosure rates below the national average which is evidence of the solid improvement," Frank Nothaft, chief economist at Corelogic, noted in the report.
Seriously delinquent rate declined to the 8-year low of 3.3% since December 2007. Anand Nallathambi, president and CEO of the company, commented in the report: "Tight post-crash underwriting standards coupled with much improved economic and housing market fundamentals have combined to push new mortgage delinquencies to 15-year-lows. Although judicial states will likely continue to lag, given current trends, it is reasonable to expect a continued and significant drop in the rate of serious delinquencies and foreclosure starts in 2016."