CoreLogic reported today that completed foreclosures in September fell by nearly 40% from the year ago period. In addition, there were fewer than 2.1 million residential mortgages, or 5.2%, seriously delinquent and that rate is at its lowest level since December of 2006. However, there were 51,000 completed foreclosures in September from the 84,000 in September 2012. This compares to an average of 21,000 per month nationwide between 2000 and 2006.
Over in the labor markets, Weekly Initial Jobless Claims fell by 10,000 in the week ended October 25 to 340,000 and above the 335,000 expected. The 340,000 is above the 325,000 levels that were reported during the summer. The four week moving average, which irons out out any seasonal abnormalities, rose by 8,000, the highest level since mid-April.
Manufacturing activity in the Chicago region surged in October to its highest level since March of 2011 to 65.9. Gains were seen across the board in production, new orders and order backlogs. Any readings over 50 signals expansion. Estimates were calling for a reading of 55.0 and the 65.9 is up from the 55.7 recorded in September.
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