States that saw the largest decrease in foreclosure inventory were California, Arizona, Colorado, Nevada, and Minnesota.
Chicago, IL (PRWEB) February 22, 2014
Corelogic released its February MarketPulse report on February 20th, revealing that foreclosures have decreased 31 percent nationally from December 2012 to December 2013. CF Funding is happy to share this news, as the U.S. has now seen over two years of declines in foreclosure inventory. The current percentage of foreclosure inventory (out of all homes with a mortgage) is 2.1 percent, down from 3 percent in December 2012.
According to Thomas Vitlo, “The 12-month sum of completed foreclosures was at the lowest level since 2007. At its peak, the seriously delinquent inventory increased 88 percent year over year in April 2008 but is currently down 25.0 percent year over year in December 2013.” Pre-foreclosure filings also decreased over the past year, from 97,000 per month to 80,000 per month. States that saw the largest decrease in foreclosure inventory were California, Arizona, Colorado, Nevada, and Minnesota, but all 50 states showed declines in the report.
The U.S. HUD and the U.S. Department of Treasury reported similar results earlier this month, as their Housing Scorecard revealed a 33 percent decrease in foreclosures since 2012, the lowest annual total since 2005. CF Funding shared results of this scorecard in an article titled “Home Equity Up, Foreclosures Decrease.” Read the full article here.
CF Funding is happy to share that the housing market has experienced a 22.4 percent growth rate since March 2011. Six states even reached new highs in home price appreciation in 2013: Colorado, Indiana, Iowa, North Dakota, Oklahoma, and Texas. 10 of the western states who were hit hardest by the housing market crash are now recovering quickly, with home price growth at faster rates than the nation’s overall rate. One of these states is Nevada, which has seen the largest trough-to-current growth. According to Gilberto Mendez, “although it also leads the nation in the highest unemployment rate at 9 percent, it has made major progress since hitting a 14-percent rate in October 2010… a growing labor force will continue to be a catalyst for continued home price growth in 2014.”
Other good news from the report included a decrease in seriously delinquent mortgages (those 90 days or more past due) by 31 percent from December 2012 to December 2013. Total home sales increased by 6 percent year over year, and new home sales increased 10 percent. These are all sure signs of economic recovery as the housing industry continues to improve.
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