For the first time since the national housing crisis, the monthly pace of completed foreclosures has fallen back to pre-crisis levels. Residential loans that were at least 90 days past due accounted for 2.6 percent of all U.S. loans outstanding as of year-end 2016. The rate of serious delinquency on home loans turned out to be the lowest it's been since June 2007 based on historical performance data. CoreLogic Inc. reported the performance statistics in its National Foreclosure Report December 2016. Ninety-day delinquency was previously reported at 2.5 percent as of Nov. 30, though that figure has apparently been revised upward based on CoreLogic's statement about December's low. In the final month of 2015, serious delinquency was 3.2 percent. As of Dec. 31, 2016, there were 329,000 loans in some stage of foreclosure. The foreclosure inventory retreated from an upwardly revised 335,000 at the end of November 2016 and sank from an upwardly revised 467,000 as of the close of December 2015. At the latest inventory level, the foreclosure rate worked out to 0.8 percent -- the lowest rate since June 2007. The rate was previously reported at 0.8 percent as of Nov. 30, 2016, and an upwardly revised 1.2 percent as of year-end 2015. Servicers completed 21,000 foreclosures in December 2016. The pace of repossessions has now returned to the pre-crisis level given that CoreLogic reports that the average monthly pace was 21,000 between 2000 and 2006. Source: Mortgage Daily
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