A new report from CoreLogic states that the completed foreclosure inventory in the greater Orlando metropolitan area has declined in July. There were 12,284 foreclosures on completed homes for the 12 months ending in July in the Orlando-Kissimmee-Sanford area. That was down from 14,343 in the same time last year. The area’s foreclosure inventory rate fell 2.2 percentage points to 2.4 percent with serious delinquency rates dropping 3.2 percentage points to 5.7 percent.
Nationally, the number of foreclosures declined year over year from 50,000 in July 2014 to 38,000 in July 2015. Overall, the national foreclosure inventory for July 2015 was 1.2 percent (469,000) of all homes in the U.S. with a mortgage compared to 1.7 percent (650,000 homes) in July 2014.
“As we enter the final months of 2015, the housing market continues to gather steam buoyed by improving economic conditions and the release of pent up demand for home ownership,” said Anand Nallathambi, president and CEO of CoreLogic. “The recovery in the housing market is also reflected in declining delinquency and foreclosure rates which, to some degree, reflects the progressive clearing of crisis-era loans and the benefits of tighter underwriting standards over the past six years.”
