There has been a lot of discussion recently about foreclosure inventory in the nation, with some speculating that inventory is about to increase dramatically. Today we’re going to look at what is actually going on in this division of the housing market.
In their recent National Foreclosure Report, Corelogic explained that foreclosure inventory has actually seen a decline of approximately 23.2% since last year at this time. The report also stated that in 49 of 50 states there have been significant foreclosure declines with 45 of the states having double-digit decreases posted year-over-year. The following chart illustrates the trends:
More findings in the report show that:
- The number of homeowners who are more than 90 days behind for mortgage payments (also known as Seriously Delinquent Rate) was 3.1%; this is the lowest percentage since November 2007
- Foreclosure rates are sitting at 1.1%; a number lower that it has been since November 2007
- Foreclosure Rate have been in decline for 53 consecutive months
While foreclosure properties still have a presence in the housing market, their numbers are decreasing dramatically. With mortgage delinquency rates also decreasing, it is not wrong to assume that the foreclosure crisis has reached a peak and is now on its way out.
With foreclosures becoming less imminent, you may be thinking about buying in the current housing market. If you are eager to own your home but still aren’t sure about which road to take, feel free to browse our article on Renting vs. Buying to get some fresh insight.
Want to talk with one of our real estate professionals? We’d love to help you! Feel free to give us a call at 704.997.3794 to have any of your real estate questions answered, or send us a message here.
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