The national foreclosure rate in July was back to where it was in August 2007‒‒a little less than 1 percent overall, according to a new report from CoreLogic. Moreover, foreclosures were down in July, compared to June and to a year earlier, in every state except North Dakota.
Along with the overall drop in foreclosures nationally, the number of homes in serious stages of delinquency was also down. Compared to June, there was a miniscule drop, from 1,156 to 1,150 homes in advanced delinquency. But compared to a year ago, the number of these properties is down 3 percent.
Mortgage segment business is so slow, one of the national Mortgage Order Mills (MOMs) is trying to convince banks and bank-services that they should board-up vacant foreclosure properties in anticipation of hurricanes. Business in the mortgage segment is at records LOWS … MOMs are scraping one wing on the runway.