The rapid rebound in home prices and the improving quality of mortgage loans has nearly cleared out the inventory of homes facing foreclosure.
According to a new report from CoreLogic, completed foreclosures from from 35,000 in November 2015 to 26,000 during the past November. Nationwide a total of 325,000 home are at some point in the foreclosure process, down from 465,000 a year earlier.
California has an inventory of 0.3 percent of homes with mortgages in the foreclosure process. That is among the lowest inventory levels in the country.
Since the 2004 peak in home prices,some 8.6 million homes have been lost to foreclosure.