Horray! Foreclosures Drop 37% From a Year Ago

In March, about 720,000 homes were in some stage of foreclosure, a 37 percent year-over-year decrease, according to CoreLogic’s March 2014

CoreLogic
CoreLogic (Photo credit: Wikipedia)

National Foreclosure Report.

“The inventory of homes in foreclosure and serious delinquency status are back to 2008 levels, yet remain elevated from a historical perspective,” says Mark Fleming, chief economist for CoreLogic. “While getting healthier, the housing market is a long way from being fully recovered. By way of comparison, distressed stock inventories are more than three times higher than the levels of the early 2000s, before the most-recent housing boom and subsequent financial crisis.”

Thirty-seven states posted declines of more than 30 percent in year-over-year foreclosure inventory. Arizona, California, and Utah saw declines of more than 50 percent, according to CoreLogic’s report.

Meanwhile, the following five states had the highest foreclosure inventory as a percentage of all homes with a mortgage:

  • New Jersey: 6%
  • Florida: 5.8%
  • New York: 4.6%
  • Maine: 3.2%
  • Hawaii: 3.1%

“The pathway to a full recovery in housing is proving to be a very long one, but lower distressed stock levels are one clear indicator that we continue to make slow-but-steady progress,” says Anand Nallathambi, president and CEO of CoreLogic. “Most states have made good progress clearing their foreclosure inventories, but states that have a longer judicial foreclosure process, such as Florida, New Jersey, and New York, continue to struggle with elevated distressed stock inventories.”

Completed foreclosures — the total number of homes actually lost to foreclosure — totaled 48,000 nationally in March, a 10 percent year-over-year decrease, according to CoreLogic. Every state, except for Wyoming and the District of Columbia, saw double-digit year-over-year decreases in completed foreclosures, CoreLogic reports.

In March, 10 percent of existing-home sales were foreclosures, according to the National Association of REALTORS®. Foreclosures sold for an average discount of 18 percent below market value in March.

 

If you are being faced with the threat of foreclosure don’t panic, there are options available to you. When you are ready to get help with the sale of your San Gabriel Valley are home, Call The Ruvalcaba Group at 626.252.0839 and let us do all the work for you.

 

Source: CoreLogic

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