June Marks 20 Months of Declines for Foreclosure Inventory

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This is because most of the cases of delinquent loans have already been foreclosed. Please read the article below and let me know what you think.

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Completed foreclosures and distressed inventory continued their downfall in June, CoreLogic reported Tuesday.

Data for last month showed 55,000 homes were lost to foreclosure, down 20 percent from June 2012. The decrease represents the 19th month-in-a-row completed foreclosures have ticked down. However, on a monthly basis, completed foreclosures inched up by 2.5 percent.

Since the financial crisis began in September 2008, about 4.5 million homes have been lost to foreclosure.

The level of foreclosure inventory also came down in June. According to CoreLogic’s estimate, about 1 million homes were in some stage of foreclosure, which represents a 28 percent annual decrease and a 2.9 percent decline from May 2013. The yearly decline marks the 20th consecutive month inventory has trended down.

Serious delinquencies are also posing less of a threat to distressed inventory.

“So far this year, distressed inventories have fallen dramatically, down 14.4 percent, and serious delinquencies are down 15.9 percent,” added Dr. Mark Fleming, chief economist for CoreLogic. “In the first six months of 2013, the stock of seriously delinquent mortgages has dropped by 412,000.”

Anand Nallathambi, president and CEO of CoreLogic, described June’s improvement as “broad-based,” noting 49 states have posted annual declines in foreclosure rates.

“The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away,” he added.

To read the complete article – please use the link below.

Declines for Foreclosure 

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