Foreclosure Inventory Continues to Decline in April

foreclosure-sign-300x198This makes sense.  The higher the prices of homes rise the more lenders will put their foreclosed inventory up for sale. The more homes that sell the less are in inventory. For a more detailed look at this subject – please read the article below.

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CoreLogic released its National Foreclosure Report, looking at data as of the end of April 2014. The company reported that completed foreclosures in April totaled 46,000, down 0.4 percent from March and down 18 percent year-over-year.

Before the decline in the housing market, completed foreclosures per month totaled 21,000 between 2000 and 2006.

CoreLogic found that foreclosure inventory fell in April as well, down 4.7 percent month-over-month and down 35 percent year-over-year. As of April 2014, foreclosure inventory stood at 694,000, down considerably from 1.1 million in April 2013.

The rate of mortgages that were seriously delinquent was 4.5 percent, the first time delinquency rates have been this low since September 2008, according to CoreLogic. The foreclosure rate also experienced a similar trajectory—the rate of foreclosures is back to November 2008 levels.

“Over the past 12 months, completed foreclosures fell to 599,000, the lowest level since the Great Recession began in 2007. At the current pace of completed foreclosures, and given the current foreclosure inventory, it will take 14 months to move all of the foreclosed inventory through the pipeline,” said Sam Khater, deputy chief economist for CoreLogic.

The inventory of foreclosed properties has experienced 19 months of year-over-year, double-digit declines, and 30 straight months of overall decline.

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

Inventory Continues to Decline

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