Foreclosure inventory falling, a sign of market recovery
In another sign that the U.S. housing market is improving, completed foreclosures in November fell 6 percent from October and 23 percent over the course of the year, according to California-based real estate research firm CoreLogic.
There were 55,000 completed foreclosures. By comparison, the housing market averaged about 21,000 per month between 2000 and 2006.
Since the financial crisis began in September 2008, there have been about 4 million completed foreclosures in the U.S., according to CoreLogic.
In addition, the national foreclosure inventory — all mortgaged homes in any stage of the foreclosure process — was down 18 percent in November compared with the same month a year ago. There were about 1.2 million homes, or 3 percent of all homes with a mortgage, in the inventory.
“The continued fall in completed foreclosures is a positive supply-side contribution in many regions of the U.S.,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “We still have a long way to go to return to historic norms, but this trend is firmly in the right direction.”
Pennsylvania’s foreclosure inventory was 3 percent in November, an increase of 0.3 percent from a year ago, according to CoreLogic. Florida has the highest inventory at 10.4 percent, followed by New Jersey at 7.3 percent.
Wyoming has the lowest rate at 0.4 percent, followed by Alaska at 0.7 percent.