Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.
CoreLogic,in their most recentNational Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).
The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage payment) is 3.1% which is the lowest level since November 2007
The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
This was the 53rdconsecutive month that showed a decline in the Foreclosure Rate
Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rearview mirror.
If you are interested in buying a foreclosed property, see Tekia Greene for your Real Estate needs at 803-447-4433
Tekia Greene, Real Estate Professional with Exit Midlands Realty. Representing buyers and sellers of Real Estate with professionalism in the Columbia Northeast, Blythewood, and Elgin areas. For the latest on Real Estate throughout the midlands, contact Tekia Greene, by calling 803-447-4433
Author:Mark Baatz Phone: 803-354-6821 Dated: October 22nd 2016 Views: 396 About Mark: Mark Baatz has real estate in his blood. His mother was a successful agent for 25 years, and taught ...
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