Are Foreclosures Impacting the Market?
There has been recent talk about the size of the foreclosure inventory in the United States. Today, I want to look at what is actually taking place in this segment of the real estate market.
CoreLogic, in their most recent National Foreclosure Report, reported foreclosure inventory has decreased by 23.2% since this time last year. The report also showed foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit foreclosure decline.
Other findings in the CoreLogic report:
- The Seriously Delinquent Rate (homeowners more than 90 days late on their mortgage payment) is 3.1% – the lowest level since November 2007
- The Foreclosure Rate is 1.1% – the lowest level since November 2007
- This was the 53rd consecutive month showing a decline in foreclosure rates
Real Estate Bottom Line
Though foreclosures remain, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing signals the worst of the foreclosure crisis is behind us.