This 27.9% decline of foreclosure inventory in July 2015 marks the 45th consecutive month of year-over-year declines.
Chicago, IL (PRWEB) September 10, 2015
The Federal Savings Bank was pleased with the data presented in a recent September 8th article from Corelogic titled “Foreclosure Inventory Falls 28 Percent in July 2015”. Corelogic, a corporation providing financial, property and consumer information, analytics and business intelligence, states that apart from foreclosure inventory, “seriously delinquent inventory fell 23.0 percent year over year in July 2015.”
The 27.9% decline of foreclosure inventory in July 2015 marks the 45th consecutive month of year-over-year declines. The number of loans in foreclosure as of July 2015 was 70% below peak levels seen in January 2011.
State by state, “there were 48 states that posted year-over-year declines in the foreclosure inventory, and 32 of those states had decreases of more than 20 percent. The five states with the largest year-over-year drop in the foreclosure inventory were Florida (-47.0 percent), Idaho (-35.6 percent), Michigan (-35.4 percent), Utah (-35.4 percent) and Maryland (-34.4 percent). Only Massachusetts (+22.5 percent), the District of Columbia (+13.3 percent) and Wyoming (+9.4 percent) experienced year-over-year increases in the foreclosure inventory.”
Taking a look into the past “judicial foreclosure states continued to have higher foreclosure rates in July 2015 than non-judicial states, averaging 2.1 percent and 0.6 percent, respectively. The foreclosure rate for judicial states peaked in February 2012 at 5.4 percent, while non-judicial states peaked at 2.5 percent in January 2011.” As a reminder, in “judicial foreclosure states, lenders must provide evidence of delinquency to the courts in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention.”
The Federal Savings Bank sees the steep decline in foreclosure inventory as beneficial for first-time home buyers. A lower number of foreclosures listed for sale means a lower number of all cash investors. First-time home buyers are finally going to enjoy bidding on homes without the burden of cash buyers purchasing the property fast from the seller. Homeowners should be enthusiastic about this data of lower numbers of foreclosures because it creates a stronger housing environment for prices to continue higher!
Contact The Federal Savings Bank, a veteran owned bank, to learn more about mortgages.