Foreclosure inventory declined by 23.2% and completed foreclosures declined by 14.9% in March compared with the same month last year, according to CoreLogic's March 2016 National Foreclosure Report, released Tuesday.
The number of completed foreclosures nationwide decreased year over year from 42,000 in March 2015 to 36,000 in March 2016, representing a decrease of 69.7% from the peak of 117,782 in September 2010.
The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.2 million completed foreclosures nationally, and since home ownership rates peaked in the second quarter of 2004, there have been approximately 8.2 million homes lost to foreclosure.
As of March 2016, the national foreclosure inventory included approximately 427,000, or 1.1%, of all homes with a mortgage compared with 556,000 homes, or 1.4%, in March 2015. The March 2016 foreclosure inventory rate is the lowest for any month since October 2007.