National foreclosure inventory fell 21.7% year-over-year in January 2016 and has fallen on a year-over-year-basis every month since November 2011 reports CoreLogic economist Molly Boesel. In January 2016, the inventory was 70.8% below the January 2011 peak. The foreclosure rate fell to 1.2% in January 2016, down from the same month the previous year, and is still above the pre-housing-crisis average foreclosure rate of 0.6%.
The serious delinquency rate of loans 90 or more days overdue was 3.2% in January 2016, a year-over-year decline from 4.1%, and the inventory of seriously delinquent mortgages fell 22.5% year-over-year during the same period.
Forty-eight states and the District of Columbia posted year-over-year declines in their foreclosure inventory in January 2016, and 18 of those had decreases of more than 20 percent. The five states with the largest year-over-year drop in the foreclosure inventory were Florida (-36.6 percent), Nevada (-30.5 percent), Michigan (-29.8 percent), Minnesota (-29.7 percent), and Colorado (-28.8 percent). Only Rhode Island (+7.7 percent) and Delaware (+5.9 percent) experienced year-over-year increases in the foreclosure inventory.