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Foreclosures declined in November

Posted on Tuesday, January 12, 2016 at 1:37:40 PM

One of the more sinister drags on U.S. housing market health has continued to lose its luster.

CoreLogic, a property information and analytics provider, released its national foreclosure report for November 2015 on Tuesday. Their data showed that foreclosure inventory - or the number of homes currently in the foreclosure process - decreased by 21.8 percent when compared with November 2014, while completed foreclosures fell by nearly 19 percent in the same period.

Year-over-year, the number of foreclosures completed nationwide fell from 41,000 in November 2014 to 33,000 in November 2015.

"After peaking at 3.6 percent in January 2011, the foreclosure rate currently stands at 1.2 percent - a remarkable improvement," said Frank Nothaft, chief economist for CoreLogic.

While news of falling foreclosure inventory and a decline rate are encouraging, the National Association of Realtors reported that pending home sales also saw a slight drop in November. Contract signings fell by nearly a percentage point to 106.9 on the NAR's Pending Home Sales Index. That is still 2.7 percent higher than November 2014's figure. 

"While feedback from Realtors continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would be buyers," said Lawrence Yun, NAR chief economist. 

For the foreseeable future, however, buyers will continue to utilize residential financing as homes remain very much in demand.