Foreclosure Inventory Declines Greatly from 2013

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Peoples Home Equity comments on Corelogic's latest national foreclosure report.

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the national foreclosure inventory level declined by -33% since January 2013.

Peoples Home Equity was happy to see the latest positive news from Corelogic’s “National Foreclosure Report”, released on February 27nd. The news is uplifting given that home sales have been stagnant recently.

The report starts with the fact that foreclosure inventory declined 3% from December 2013 to January 2014, which brings the foreclosure rate back down to January 2009 levels. On a year over year basis the national foreclosure inventory level declined by -33% since January 2013. The serious delinquency rate also declined to just below 5% which is the lowest level since November 2008.

“The painful tide of high foreclosures continues to recede as fewer borrowers are losing their home and states are working through their shadow inventory. We are entering 2014 with less than a million homes in the foreclosure inventory. We expect to see continued progress in the months ahead, but the judicial foreclosure states will continue to lag the rest of the country in working down their backlogs of foreclosed properties” said Corelogic president and CEO, Anand Nallathambi.

The number of completed foreclosures in January at 48,000 was lower by -11.3% from December 2013, and lower by -19% from January 2013 at 59,000. Thirty-six states now have a foreclosure inventory rate lower than the national average, which is 2%. The states with the highest foreclosure inventory were: Florida at 6.4%, New Jersey at 6.3% and New York at 4.8%. The five states with the lowest foreclosure inventories were: Wyoming at 0.4%, Alaska at 0.5%, and North Dakota at 0.5%. Peoples Home Equity found the vast discrepancy in data especially interesting relating to completed foreclosures in Florida versus D.C.. The number of completed foreclosures in D.C. over the past 12 months was 60, the number ins Florida was 116,000!

Peoples Home Equity was disappointed to see the the foreclosure rate of the Chicago-Naperville-Arlington Heights area report at 3.4%, but this was -2.1% lower than last year. Overall the lender is satisfied with the direction the housing market is headed and expects acceleration of the recovery this spring and summer. Meanwhile prospective homebuyers should prepare themselves if they are looking to purchase a home as mortgage rates have increased and the trend has remained strong. Peoples Home Equity encourages individuals to get approved for a home loan now at a competitive fixed rate before rates move even higher.

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

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Giorgio U Ferrero
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