Overall foreclosure trends positive in early 2015
Posted on Thursday, April 16, 2015 at 8:00:30 AM
On the surface, it may feel like the housing market is headed in the wrong direction in relation to foreclosure activity - according to RealtyTrac, there was a 20 percent increase in foreclosure filings from February to March and a 4 percent uptick on a yearly basis.
However, this doesn't paint the whole picture. Foreclosure filings - which include default notices, auctions and bank repossessions - declined by 7 percent in the first quarter of 2015 when compared to the previous period and 8 percent year-over-year. Furthermore, the February-to-March increase could be attributed to the 104-month low reported in February, making it hard to match those numbers again.
"The March increase is continued cleanup of distress still lingering from the previous housing crisis; not the beginning of a new crisis by any means," added Daren Blomquist, vice president at RealtyTrac.
In addition, CoreLogic reported that the national foreclosure inventory was down more than 27 percent from February 2014 to February 2015. During that time, completed foreclosures also dropped by 15.7 percent, as there were only 39,000 completed foreclosures across the country.
Overall, residential financing rates are low, the economy is stronger and the housing market has been headed in the right direction.