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Foreclosure rates drop nationwide in January

Posted on Thursday, February 28, 2013 at 2:56:35 PM

More homeowners avoided foreclosure and remained in their houses during January, as repossession rates fell nationwide - possibly due to affordable residential lending and an improving labor market. 

CoreLogic reported in its National Foreclosure Report that a total of 61,000 foreclosures were finalized last month. The amount represents a positive drop of nearly 18 percent in comparison to January 2012 numbers, when 75,000 repossessions were completed.

January marked the 15th consecutive month in which a year-over-year decrease in foreclosure inventory levels was recorded. The total number of homes noted in some stage of repossession last month was seen at approximately 1.2 million, which is an improvement of 21 percent over last year's totals for the same month, when 1.5 million homes were within the foreclosure process.

Providing further evidence the housing market can affect other aspects of the national economy, the U.S. Department of Labor recently announced initial jobless claims fell 22,000 for the week ending February 23. The total of new claims amounted to 344,000. Coming off past weeks of similar drops and rises, the four-week moving average was recorded at 355,000.

Consumers considering homeownership may benefit by acting on the heels of such economic indicators. Researching a mortgage comparison chart, like the one offered by Home Loan Investment Bank, could afford prospective buyers valuable financial information.