U.S. foreclosure rate drops to 10-year low

Mortgage delinquencies and foreclosures continue to fade back to pre-crisis levels, CoreLogic reported.

Nationally, 4.5 percent of mortgages were in some stage of delinquency in June, down 0.8 percent from the rate a year earlier, the company reported.

The foreclosure inventory rate, which measures the share of mortgages in some stage of foreclosure, was 0.7 percent in June, down 0.9 percent from June 2016 and the lowest rate since July 2007.

“The CoreLogic home price index increased 6 percent and payroll employment grew by 2.2 million jobs in the year ending June 2017, supporting further declines in delinquency rates,” said Frank Nothaft, chief economist for CoreLogic.