Foreclosure rates in Central Pa. continue to improve
Foreclosure rates across the midstate continue to drop to historic lows as the U.S. housing market enters the final stages of recovery from the recession, according to California-based CoreLogic.
CoreLogic said August foreclosure rates in the Harrisburg-Carlisle area and Lancaster County were 0.6 percent and 0.5 percent, respectively. Both were at 0.7 percent last August.
In York-Hanover, the foreclosure inventory dropped to 0.8 percent in August, down from 1.1 percent a year ago. Meanwhile, Lebanon County saw its foreclosure rate dip to 0.7 percent from 0.8 percent last year, according to CoreLogic.
Nationally, the share of mortgages in some stage of foreclosure was 0.6 percent, down from 0.9 percent in August 2016. This was the lowest foreclosure inventory rate for the month of August in 11 years.
Foreclosure rates in the midstate hit their peak between May and August 2012, but the housing market has largely improved since then. Double-digit sales growth was the norm over the last few years.
But that growth has slowed this year because of a tighter inventory of available homes to buy. The demand for new homes also has been outpacing construction.