iStock illustration

Residential foreclosures nationwide dropped 2.6 percent between January and February 2016, according to a new report from the property information and analytics firm CoreLogic.

February was the 52nd consecutive month of year-over year declines in U.S. foreclosures.

Frank Nothaft, chief economist for CoreLogic, credited job and income growth with the continued positive trend.

“Job creation averaged 207,000 in the first two months of 2016 and incomes grew over the past year,” Nothaft said in a statement. “More income and improved household finances have helped bring serious delinquencies down in nearly every state.”

There were approximately 34,000 foreclosures completed in Feburary, compared to 38,000 in Feburary 2015. Approximately 434,000 homes in the U.S. were in some stage of the foreclosure process in February, compared to 571,000 in Feb. 2015.

Serious delinquencies are at 3.2 percent, the lowest rate since November 2007.

As of February 2016, the national foreclosure inventory is at 1.2 percent, down from 1.5 percent in February 2015. The Massachusetts foreclosure inventory was 1.3 percent in February. The Connecticut foreclosure inventory was 1.8 percent in February.