CoreLogic: Completed foreclosures increase on monthly basis
Posted on Monday, October 6, 2014 at 9:13:55 AM
The past few months have caused some people to worry about the state of the U.S. housing market and residential financing, thanks in part to a higher number of foreclosures. Even with these statistics, some experts point to other factors as the reason for the latest increase.
According to CoreLogic, there were 45,000 completed foreclosures in August, up 1.1 percent from the 44,000 noted in July. Even with the monthly increase, however, there were 58,000 foreclosures reported in August 2013, which means a year-over-year decrease of 22.2 percent. Since September 2008 - near the beginning of the financial crisis - there have been 5.2 million completed foreclosures.
"Clearly there has been a large improvement in the market the last few years, but five years into the economic expansion the foreclosure inventory remains at nearly three times the normal level," said Sam Khater, deputy chief economist at CoreLogic.
The current foreclosure rate may seem to some like a sign of the financial crisis of only a few years ago. But, experts argue that this isn't the case at all, and other reasons are to blame for the current conditions.
Daren Blomquist, vice president at RealtyTrac, told Reuters that he doesn't believe a similar deluge of foreclosures is in the works like the period between 2008 to 2010. He did note that the market isn't as strong as it appeared, however.