Foreclosure Inventory Down 37% over Last Year!

According to the latest CoreLogic National Foreclosure Report, “approximately 660,000 homes in the US were in some state of foreclosure as of May 2014”. This figure is down 37% from the 1 million homes in May of 2013. May marked the 31st consecutive month in which there were year-over-year declines.
Mark Fleming chief economist for CoreLogic revealed:
“Significant gains have been made in the last year to reduce the foreclosure stock. Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1% which is more than twice the 0.9% average that is occurring in non-judicial states.”
The foreclosure process in the twenty-two judicial states can take, on average, anywhere from 180-400 days according to the Mortgage Bankers Association. The lack of initial court intervention in non-judicial states, often means that the process of foreclosure takes significantly less time.
Therefore, judicial states as a whole, have taken longer to catch up to the rest of the country in liquidating foreclosure inventory.
All five states with the highest foreclosure inventory as a percentage of mortgaged homes are judicial states.

 
 
 
 
 
 
On the list of the five lowest inventory states, only North Dakota uses a judicial process.
 
 
 
 
 
 
 
Bottom Line
Even though some states have not recovered completely from the foreclosure crisis, the nation as a whole is on the right track as inventory decreases.
If you are curious about Seattle's real estate market, give us a call, email or text. We would love to talk with you!

-Steve and Sandra

 

Steve Hill and Sandra Brenner
SEATTLE-NORTHWEST
Windermere Real Estate

 

 

Posted on July 23, 2014 at 9:45 pm
Steve Hill and Sandra Brenner | Category: Seattle Real Estate | Tagged , , , , , , , , ,

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