CoreLogic: Completed foreclosures part of downward trend
Posted on Tuesday, July 8, 2014 at 10:10:43 AM
For current homeowners with residential financing, one of the biggest fears each month is the inability to make mortgage payments. For many, the end result of missing due dates is foreclosure, but thankfully it appears that fewer people are succumbing to this problem across the country.
According to a recent CoreLogic report, the number of completed foreclosures has ticked down nationally, now at only 47,000 this past May compared to 52,000 in May 2013. That is good for a 9.4 percent year-over-year decrease. Prior to May 2014, there were 660,000 homes in the foreclosure process across the country, down from 1 million reported the same time last year.
"Significant gains have been made in the last year to reduce the foreclosure stock," said Mark Fleming, chief economist for CoreLogic. "Yet, these improvements are occurring disproportionately in non-judicial states. The foreclosure inventory in judicial states is averaging 2.1 percent, which is more than twice the 0.9 percent average that is occurring in non-judicial states."
In addition, the Mortgage Bankers Association reported that access to residential financing ticked up in June. The Mortgage Credit Availability Index rose 0.6 percent on a monthly basis, which indicates that overall lending standards are loosening.