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US foreclosure rate declines year-over-year

Posted on Friday, April 4, 2014 at 9:28:04 AM

Homebuyers making monthly residential financing payments have been meeting those deadlines as of late, according to a recent report from CoreLogic.

The property information and analytics provider explained that the U.S. foreclosure inventory declined by 35 percent year-over-year by February. For the month, there were only 43,000 completed foreclosures nationwide, compared to 51,000 one year ago. By the beginning of March, there were 1.9 million mortgages in serious delinquency, only 4.9 percent of the national total.

"Although there is good news that completed foreclosures are trending lower, the bigger news is the impressive decline in the foreclosure and shadow inventories," said Mark Fleming, chief economist for CoreLogic. "Every state has had double-digit, year-over-year declines in foreclosure inventory, which is reflected in the $70 billion decline in the shadow inventory."

In addition, Trulia compiled data from across the U.S. housing market that further supports these positive trends. Many different indicators of overall health improved during the past year, including the unemployment rate, existing-home sales and the residential financing delinquency and foreclosure rate. Even better, more younger buyers are returning, which means real estate doesn't have to rely heavily on investors moving forward.