US Foreclosure Inventory Declines | Cross River Real Estate

florida foreclosure

U.S. foreclosure inventory, which refers to properties in some stage of foreclosure, equaled 1.1 million in April,according to CoreLogic’s latest report.

This was down 24% from 1.5 million a year ago. It was also down 2 percent from March.

Foreclosure inventory represented 2.8% of all homes with a mortgage, compared with 3.5% a year ago.

Meanwhile, there were 52,000 completed foreclosures in April, the same as March. But this was down from 62,000 a year ago. Before the housing bust, completed foreclosures averaged about 21,000 a month.

Home prices have been boosted by tight supply, especially a decline in the stock of distressed properties.

“Fewer distressed properties combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam,” said Anand Nallathambi, president of CoreLogic in a press release.

Here are some details from the report:

  • “The five states with the highest number of completed foreclosures for the 12 months ending in April 2013 were: Florida (102,000), California (79,000), Michigan (68,000), Texas (53,000) and Georgia (47,000). These five states account for almost half of all completed foreclosures nationally.”
  • “The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.5 percent), New Jersey (7.4 percent), New York (5.1 percent), Maine (4.4 percent) and Nevada (4.3 percent).”
  • “The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Virginia (0.9 percent).”

Here’s a look at foreclosure inventory by state:

foreclosure inventory by state


US Foreclosure Inventory Declines – Business Insider.

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