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Foreclosures tick up in May

Completed foreclosures ticked up for the month of May, but the overall trend continues to point to an improving situation, CoreLogic data suggests.

Foreclosures totaled 38,000 in May, down 6.9 percent compared to the May 2015 figure, the company said. May foreclosures were up 5.5 percent compared to April’s figure, however.

The foreclosure inventory  —  the numbers of properties in some stage of foreclosure — also continues to head in the right direction. In May, the figure totaled 390,000, which was down 24.5 percent compared to the May 2015 inventory of 517,000.

The seriously delinquent rate, or the percentage of homes 90 days past due compared to all mortgage properties, stood at 2.8 percent, the lowest level since October 2007, CoreLogic said.

New Jersey, New York and Hawaii had the highest percentage of homes in the foreclosure pipeline as compared to the number of mortgaged properties. Over the past 12 months through May, completed foreclosures in Florida, Michigan, Texas, Ohio and California accounted for nearly half of all foreclosures nationally.

Tight underwriting, a rise in home prices, and increases in jobs and wages continues to help drive down foreclosures, the company’s analysts said.  


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