Some good news came out of the housing market this month, with the Federal Reserve Bank of New York reporting an 18-year low in new foreclosures.
"Mortgage originations grew, to $427 billion. About 83,000 individuals had a new foreclosure notation added to their credit reports between April 1 and June 30, a new low in the 18-year history of the data," the Fed said their report.
Several factors are at play in the downward trend, including continuing low interest rates, improving labor market and wage growth, higher mortgage credit requirements and improving housing market. These factors have contributed to the lowest foreclosure rate since 1998.
In addition, the New York Fed found the mortgage delinquencies are also declining, down to 1.8% at 90 days late in 2016 Q2, from 2.1% in the previous quarter.