US Foreclosure Inventory Declines | Cross River Real Estate

U.S. foreclosure inventory, which refers to properties in some stage of foreclosure, equaled 1.1 million in April,according to CoreLogic’s latest report.

This was down 24% from 1.5 million a year ago. It was also down 2 percent from March.

Foreclosure inventory represented 2.8% of all homes with a mortgage, compared with 3.5% a year ago.

Meanwhile, there were 52,000 completed foreclosures in April, the same as March. But this was down from 62,000 a year ago. Before the housing bust, completed foreclosures averaged about 21,000 a month.

Home prices have been boosted by tight supply, especially a decline in the stock of distressed properties.

“Fewer distressed properties combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam,” said Anand Nallathambi, president of CoreLogic in a press release.

Here are some details from the report:

• “The five states with the highest number of completed foreclosures for the 12 months ending in April 2013 were: Florida (102,000), California (79,000), Michigan (68,000), Texas (53,000) and Georgia (47,000). These five states account for almost half of all completed foreclosures nationally.”
• “The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.5 percent), New Jersey (7.4 percent), New York (5.1 percent), Maine (4.4 percent) and Nevada (4.3 percent).”
• “The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Virginia (0.9 percent).”

Here’s a look at foreclosure inventory by state:

 

US Foreclosure Inventory Declines – Business Insider.