Foreclosure Inventory Declines 30% Year-Over-Year

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Peoples Home Equity comments on today's Corelgic report.

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National foreclosure inventories have now fallen for “the past 22 consecutive months.

Peoples Home Equity is proud to echoes news from Corelogic's latest “National Foreclosure Repot” published today, December 9th. The lender points to falling foreclosure inventories as a sign that more supplies may increase soon to better suit current housing demand.

According to the report, national foreclosure inventories have fallen 31% since October 2012. Nearly 10% of this annual decline was reflected from September to October 2013 alone with a 2.9% monthly decline. National foreclosure inventories have now fallen for “the past 22 consecutive months." In just the past 12 months the smallest and largest monthly declines seen were in March (-0.8%) and April (-6.5%). The top three states with the highest foreclosure inventory are Florida (7.1%), New Jersey (4.9%), and New York (4.9%), The lowest inventory states surprisingly include Wyoming (0.4%), Alaska (0.6%), and Nebraska (0.6%).

The amount of seriously delinquent mortgages have also declined 25.5% from October 2012 to 2013. All of this news is quite helpful for home buyers; hence Peoples Home Equity shares this information with its new clients. The lender wants its loan applicants to be the best informed to make a comfortable home purchase. Today’s CoreLogic report reinforces that the housing market is growing strong. Prospective home buyers can no longer question if we are experiencing a housing recovery, since prices have shown year over year price gains for the past 20 consecutive months.

Peoples Home Equity reminds readers that “the trend is your friend”, those who have waited for housing price to correct, or for better interest rates should reconsider. With Fed policy on the verge of ending its stimulus program due to a self-improving economy, mortgage rates are about to rise dramatically soon. The Federal Reserve may begin tapping its asset repurchase program as early as 1st quarter of 2014. To avoid the possible headache of applying for a mortgage when rates are a full point higher, Peoples Home Equity encourages individuals to get approved for a home loan now.

Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300

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