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Recently there has been a lot of talk about the size of the foreclosure inventory nationwide. There has been some speculation that distressed property inventory (or “shadow inventory”) is about to skyrocket. Today I’d like to reveal what’s actually taking place in this segment of the housing market.
In their most recent national foreclosure report, CoreLogic reported that foreclosure inventory has decreased by 23.2% since this time last year. Foreclosure inventory has also decreased in 49 of the 50 states, and 45 states have posted a year over year double-digit decline. It appears, therefore, that there is no shadow inventory or threat of a high foreclosure market in the near future.
The worst of the foreclosure market crisis is in our rear view mirror.
The report also shows that the seriously delinquent rate, which refers to homeowners more than 90 days behind on their mortgage payment, is 3.1% - the lowest level since November of 2007. The foreclosure rate is 1.1%, which is also the lowest level since Nov. 2007. This was the 53rd consecutive month that showed a decline in the foreclosure rate.
The bottom line is that 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 market crisis is in our rear view mirror.
If you or anyone you know is thinking of buying or selling a home, have them call or email me for a free real estate consultation. Thanks again, and make it a great day.
