Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.
CoreLogic,in their most recentNational Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).
Other findings in the report:
The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage payment) is 3.1% which is the lowest level since November 2007
The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
This was the 53rdconsecutive month that showed a decline in the Foreclosure Rate
Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rearview mirror.
Author:Derrick Houston Phone: 214-385-1221 Dated: May 18th 2016 Views: 220 About Derrick: Derrick has been in real estate for seven years. Before embarking on a career in real estate, Derric...
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Rogers Healy and Associates Real Estate is a DFW based residential and commercial real estate company that was founded in 2007 by Rogers Healy. RHAdfw is passionate about developing long lasting relationships with clients while representing them to buy, sell or lease any home in DFW.