In its National Foreclosure Report released today, CoreLogic reports that foreclosures in the U.S. decreased 14.8 percent year over year.

“The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment and higher housing prices,” said Frank Nothaft, chief economist for CoreLogic. There were 50,000 foreclosures nationwide in June 2014 and 43,000 in June 2015.

The national inventory of foreclosed properties was approximately 472,000 in June 2015, down 28.9 percent from 664,000 in June 2014. In June 2015, the foreclosure rate reached its lowest point since December 2007.

The report also found that the number of home mortgages that are in serious delinquency (90 days or more past due) dropped 23.3 percent between June 2014 and June 2015, to 1.3 million. The report said that is the lowest it has been since January 2008.

“Serious delinquency is at the lowest level in seven and a half years reflecting the benefits of slow but steady improvements in the economy and rising home prices,” said Anand Nallathambi, president and CEO of CoreLogic. “We are also seeing the positive impact of more stringent underwriting criteria for loans originated since 2009 which has helped to lower the national seriously delinquent rate.”