US foreclosure inventory continues to decline
Posted on Thursday, May 1, 2014 at 9:19:36 AM
There is good news out there for homebuyers interested in affordable residential financing - the number of foreclosures across the country has continued to decline. Overall, this trend is indicative of a healthier housing market.
According to CoreLogic, the total foreclosure inventory in the country dropped 37 percent on a yearly basis. In March, there were only 48,000 completed foreclosures, compared to 53,000 during the same time in 2013.
"The inventory of homes in foreclosure and serious delinquency status are back to 2008 levels, yet remain elevated from a historical perspective," said Mark Fleming, chief economist for CoreLogic. "While getting healthier, the housing market is a long way from being fully recovered. By way of comparison, distressed stock inventories are more than three times higher than the levels of the early 2000s, before the most-recent housing boom and subsequent financial crisis."
In addition, RealtyTrac reported that home flipping activity - when a property is purchased and sold within six months - has also taken a dip in 2014. Over the first three months of this year, home flips only accounted for 3.7 percent of all single-family home sales, down from 4.1 percent the previous quarter and 6.5 percent from the first quarter of 2013.