Foreclosures decline nationwide despite general slump: report

New York /
May.May 09, 2012 12:00 PM

Declining real estate owned sales and stable home prices boded well for the national housing market in March, despite deeper economic concerns, according to CoreLogic’s most recent MarketPulse Report, released today. Short sales, modifications and other foreclosure alternatives are playing a larger role, the report says, and the rate of new foreclosures is declining.

Overall home sales nationwide continued to improve, with 410,000 sales in March — up 20 percent year-over-year — marking the highest volume of sales in the month of March since 2007.

Mortgage performance is experiencing a “slow and steady improvement,” the report says, as the 90-plus day delinquency rate in March fell to 7 percent, the lowest rate since July 2009.

“This decline in serious [90-plus day] delinquency represents a significant reduction of approximately three quarters of a million borrowers,” Mark Fleming , chief economist at CoreLogic, said in the report.

But the improvements are measured, to say the least. In March the overall foreclosure rate remained steady at 3.4 percent (1.4 million homes), down only slightly from January 2010’s peak of 3.6 percent. The economy overall is back in the slow lane, the report says, with growth in the first quarter of 2012 decelerating to 2.2 percent, from 3 percent in the last quarter of 2011, the report says. — Guelda Voien


Related Articles

arrow_forward_ios
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Sen. Brian Kavanagh (Getty, iStock)
New York votes to extend eviction ban through August
New York votes to extend eviction ban through August
Avishai Abrahami with Ziel Feldman and Nir Meir, and 500 Bailey Ave, Buffalo, NY; 707 Spence Lane, Nashville, TN; 1100 Milwaukee Avenue, South Milwaukee, WI (Getty, Google Maps, NY Supreme Court)
Ziel Feldman, Nir Meir accused of fraud over $30M loan
Ziel Feldman, Nir Meir accused of fraud over $30M loan
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and  22 East 67th Street (Getty, Corcoran, Google Maps)
Foreclosure on Phil Falcone’s homes can move forward
Foreclosure on Phil Falcone’s homes can move forward
(iStock/Illustration by Kevin Rebong for The Real Deal)
Foreclosures and evictions could be halted for rest of 2021
Foreclosures and evictions could be halted for rest of 2021
John Philip Sousa and the Sousa House at 80 Washington Place (Getty, Leslie J. Garfield)
Second foreclosure suit filed against owner of Sousa townhouse in West Village
Second foreclosure suit filed against owner of Sousa townhouse in West Village
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...