Foreclosure inventory decreases as housing market gains momentum
Posted on Tuesday, March 25, 2014 at 8:43:10 AM
The number of foreclosed houses - and homeowners struggling with their residential financing payments - were high only a few years ago. Now, recent data on the U.S. housing market indicates that conditions have improved drastically since that time, and are expected to continue that upward trend.
According to RealtyTrac, the housing market health of 410 counties across the U.S. has gotten better over the past several years. For example, 80 percent of those counties had improved conditions compared to two years ago, and 30 percent were better than in 2008. Information used to come to this conclusion included home price appreciation, affordability, bank-owned properties and the unemployment rate.
"The housing recovery has taken root in hundreds of counties across the country and almost all local housing markets are better off than they were four years ago when foreclosure activity peaked in 2010, with more than 1 million homes lost to foreclosure in that year alone," said Daren Blomquist, vice president at RealtyTrac.
In addition, Black Knight Financial Services reported that the total U.S. residential financing delinquency rate was at nearly 6 percent in February, down slightly more than 12 percent year-over-year. The foreclosure pre-sale inventory rate also dropped both on a yearly and monthly basis, as did the number of loans 30 or more days past due but not yet in foreclosure.