Foreclosure Inventory Continues to Shrink in May

foreclosure-sign-300x198

This is a sign that home prices have gone up enough so that it makes financial good senses to finally sell the houses that the banks have been rat holing because they were too far underwater. For a more detailed look at this subject – please read the article below.

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Black Knight Financial Services released its “First Look” at May Mortgage data, which found that foreclosure inventory declined to its lowest level since July 2008. As a percentage of total inventory, foreclosure pre-sale inventory is 1.91 percent, down 5.56 percent month-over month.

The percentage of total U.S. foreclosure pre-sale inventory is down 37.23 percent year-over-year.

Foreclosure starts, however, are creeping back upwards. Foreclosure starts totaled 86,300 for the month of May, an increase of 9.52 percent from April. Yearly, foreclosure starts remain down by 26.11 percent. Overall delinquency rates remained steady, down a mere 0.01 percent to 5.62 percent in May.

The number of properties that are 30 days or more past due but not yet in foreclosure totaled roughly 2.8 million, an 18,000 property increase from the previous month yet a decline of 204,000 from the previous year.

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

Inventory Continues to Shrink

Explore posts in the same categories: Real Estate Market Trends

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