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National foreclosure inventory ticks down

Posted on Thursday, August 7, 2014 at 9:16:52 AM

Over the past several years, a high number of homeowners have encountered problems with their residential financing payments. However, that is starting to change, as the national foreclosure inventory has started to decline.

According to Black Knight Financial Services, the inventory has been ticking down for more than two straight years. While this is certainly good news, there is a discrepancy between judicial and non-judicial states, where the former has a higher number of foreclosures.

"Nationally, the foreclosure inventory rate has declined for 26 straight months, and is currently at its lowest point since April 2008, but this can obscure the stark difference that remains between judicial and non-judicial states," said Kostya Gradushy, manager of research and analytics at Black Knight Financial Services. "Although judicial states account for about 42 percent of all active mortgages, some 70 percent of loans in foreclosure are in these states."

In addition, CoreLogic reported that home prices have climbed on a yearly basis in June. Between this year and last, these values increased 7.5 percent. Compared to May 2014, prices only ticked up 1 percent. Several states achieved new highs in this regard, including Vermont. The only state with a price decline was Arkansas.