Are Foreclosures Increasing or Decreasing?

    Are Foreclosures Increasing or Decreasing? | Simplifying The Market

    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 recent National 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).

    Are Foreclosures Increasing or Decreasing? | Simplifying The Market

    Other findings in the report:

    • 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 53rd consecutive month that showed a decline in the Foreclosure Rate

    Bottom Line

    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.

    Comments are closed.

    About our blog

    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

    Contact Us Now

    Any questions, comments, or feedback