CoreLogic: Foreclosure inventory on the way down
Posted on Tuesday, January 14, 2014 at 9:31:53 AM
There is good news for homeowners and those with residential financing - the economy is improving and the number foreclosures are declining.
According to CoreLogic's November National Foreclosure Report, there were 46,000 completed foreclosures in the U.S. during November, based on the most recent data available. That marks a 29 percent decrease year-over-year, and an 8.3 percent drop from October. The residential shadow inventory decreased as well, at 1.7 million homes through October, 26.4 percent lower than the same time last year.
Anand Nallathambi, president and CEO of CoreLogic, said in a statement that the economy has played its part in the improvements.
"Consumer confidence is definitely up as the economic rebound gathers more steam," he stated. "As the negative equity crisis abates and home prices continue to rise, most people are prioritizing the payment of their mortgage obligations. The result is a double-digit drop in the inventory of seriously delinquent homes in 48 states as of October."
According to Fox Business, the outlook for the U.S. economy is getting better. Employment figures are on the way up, and forecasters have improved their growth estimates. The December job report could shed additional light on the situation, but at the moment many experts are positive early into 2014.