Foreclosure rate down in July, less homeowners underwater
Posted on Friday, August 30, 2013 at 8:59:21 AM
Residential financing is a critical factor for many homebuyers, and recent reports have shown that more people are staying afloat as the foreclosure and negative equity rate both dropped in July.
There were only 49,000 completed foreclosures for the month, according to CoreLogic's National Foreclosure Report. Over the same period in 2012, that number was as high as 65,000, while July also marked an 8.6 percent decrease from June.
"As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago," said Mark Fleming, chief economist for CoreLogic. "Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year."
In addition, Florida reported the highest number of foreclosures over the past twelve months, while the District of Columbia and North Dakota led the way with the fewest.
Overall, the housing market has been strong, and many people using residential financing are finding monthly payments relatively affordable.
The negative equity rate - or the number of borrowers who owe more than their homes are worth - also dropped, based on data compiled by Zillow. After 5 consecutive quarterly decreases, only slightly more than 23 percent of all homeowners are underwater.