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Annual foreclosure decline good news for real estate

Posted on Monday, November 4, 2013 at 11:09:16 AM

Foreclosures are trending down - and that is good news for those with residential financing, prospective buyers, sellers and homebuilders. Across the board, the U.S. housing market has continued to improve, and those who monitor this closely have a lot to be happy about.

According to CoreLogic, in September 2012 there were 84,000 foreclosures nationwide. However, that number dropped to only 51,000 this past September -  a decrease of 39 percent from the previous year.

"The number of seriously delinquent mortgages continues to drop across the country at a rapid rate with every state showing year-over-year declines in foreclosure inventory," said Anand Nallathambi, president and CEO of CoreLogic. "We're not out of the woods yet, but these are encouraging signs for a return to a healthier housing market in the U.S."

Florida and California led the way with the highest number of foreclosures from September 2012 to the same time in 2013, CoreLogic reported, with 115,000 and 52,000 foreclosures, respectively. On the other hand, the District of Columbia had the lowest figure, at 52.

While this is positive for many with residential financing, it is also good for homebuilders, according to Market Realist. More distressed homes on the market means lower prices and fewer sales. Now as the figure declines, some companies across the U.S are reporting increased buyer activity.