Good news! Rates of foreclosures were the lowest they have been in years in 2016. The article below from Housing Wire goes into great detail of just how low rates dropped across the country. This is a positive thing because it signifies more recovery from the recession. Our economy is still rebuilding, but if the housing market shows this much improvement then other markets must too!
Foreclosure rates dropped more than any year on record in 2016, according to the first look at December 2016 mortgage data report by Black Knight Financial Services, a Fidelity National Financial company and a provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Foreclosures dropped by 30% in 2016, and the inventory of loans in active foreclosure declined by more than 200,000 loans, according to the report.
Another report showed that foreclosure activity dropped significantly in 2016 to its lowest point in 10 years, according to the 2016 U.S. Foreclosure Market report from ATTOM Data Solutions, a fused property database.
For the month, Decembers 59,700 foreclosure show a decline of 24% from the same time last year. Delinquencies also decreased by 0.91% monthly and 7.5% from December 2015.
While some states saw delinquency rates much higher than the national average, most still saw significant improvement from the previous year.
Here are the top 5 states with the highest 90+ days delinquency rates:
5. Tennessee 1.97%
This state dropped 16.33% from 2015
4. Arkansas 2.12%
This state dropped 11.07% from 2015
3. Alabama 2.37%
This state dropped 15.86% from 2015
2. Louisiana 3.25%
Contrary to the downward trend, this state increased 12.27% from 2015
1. Mississippi 3.44%
This state dropped 15.24% from 2015