National Foreclosure Rate Declines for 26th Consecutive Month

Peoples Home Equity comments on the most recent foreclosure report from Corelogic.com.

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Chicago, IL (PRWEB) February 02, 2014

Peoples Home Equity is excited to echo news that CoreLogic has reported a decline in the national foreclosure rate for the 26th consecutive month. The news bodes well for home buyers and sheds positive light on the housing market after a dismal pending home sales report last Thursday.

Corelogic’s latest “National Foreclosure Report” published on January 29th shows that foreclosures have declined -14% from December 2012 to December 2013. “The inventory of foreclosed homes experienced 15 consecutive months of year-over-year double-digit declines, and 26 straight months of declines.” Foreclosure inventory fell -31% from December 2012, and the number of serious delinquencies have fallen -25%. To emphasize, the serious delinquencies rate is at its lowest point since November 2008. The worst serious delinquency rates of the rates were located in Florida at 11.2%, New Jersey at 10.5% and New York at 7.9%. It must be noted, that Florida experienced the largest percentage point change decline from a year ago at -3.6%. In contrast, the states with the lowest rate of foreclosures were Wyoming, Arkansas and North Dakota.

Peoples Home Equity finds this reported information valuable for readers and positive for homeowners. Homeowners should expect more price growth due to fewer foreclosures on the market, and readers should expect more housing inventory to hit the market as homeowners become satisfied with selling their property at better price. To prepare for a purchase in this ever improving market, prospective home buyers should apply for a home loan a now.

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